CHICAGO—The real estate investment business of Deutsche Asset & Wealth Management, formerly RREEF Real Estate, has just closed on The Oaks of Vernon Hills, a development project in the upscale northern suburb that will eventually have 304 multifamily luxury units on 29.5 acres. The investment, sourced on an off-market basis on behalf of an institutional investor, was acquired in a joint venture with REVA Development Partners and Hamilton Partners.
Developers had originally planned to fill the space along US Highway Route 45 with commercial buildings and offices, but the economic crash derailed those plans. And even though the housing market has started to recover, most developers seem more comfortable building rentals rather than homes for ownership.
The new plans call for eight apartment buildings, nine townhomes and a clubhouse. The developers also plan to pursue a LEED Silver certification and say The Oaks will be the only purpose-built class A apartment development built in the last nine years. Construction will begin later this summer with occupancy beginning in July. 2014.
“The project location, combined with limited new supply, strong investor demand and potential for attractive income returns once stabilized, represent a compelling strategic investment opportunity for our client,” says Todd Henderson, the head of Real Estate, Americas for Deutsche.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
