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 GlobeSt.com.

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 GlobeSt.com. "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 GlobeSt.com.Renovations are expected to begin in 45 to 60 days and are expectedto take 24 months to complete, he says.