Sources say the sales price was slightly more than $40 million.Carlson says the actual sales price was less than $40 million, butwould not disclose the true amount. The sale had a "high six caprate" between 6.75% and 6.9%, Carlson tells

The property is in DuPage County, viewed as one of the fastestgrowing counties in the region and has great demographics, Carlsonsays. The apartment community consists of 20 two-story buildings onnearly 17.4 acres. The property also has a 5,300-sf clubhouse thatcontains a fitness center, racquetball court, sauna, business roomand business center, as well as an outdoor heated swimming pool,carports, storage, on-site laundry, playground and picnic area. Thecommunity was constructed in two phases in 1966 and 1975 and wasrenovated in 1999, and has 200 one-bedroom units and 200two-bedroom units. The average unit size is 971 sf. The complex isabout 94% occupied, Carlson says. Westdale, based in Dallas, willhandle the management of the property.

The apartment complex was acquired for Redwood's value-addportfolio, Carlson tells "We saw the opportunity toleverage a rehabilitation into increased rents," he says. Redwoodplans to spend about $10,000 per unit on deferred maintenance,"exterior aesthetics" and to upgrade the units with new cabinets,countertops, appliances and flooring in addition to reconfiguringthe walls for a "more open feel," he says. Rents had ranged from$830 to $1,040, according to information on AvalonBay's website.Redwood expects to be able to increase rental rates by $150 perunit once the renovations are completed, Carlson tells are expected to begin in 45 to 60 days and are expectedto take 24 months to complete, he says.

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