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WAUKEGAN, ILL. — Chicago-based Redwood Capital Partners has acquired Lakes at Fountain Square, a 384-unit apartment community located in Waukegan. The property comprises one-, two- and three-bedroom units with rents ranging from $855 to $1,260. The project was 93 percent occupied at the time of closing. Redwood plans to implement an interior and exterior capital improvements program. The seller, as well as the acquisition price, was undisclosed.