Redwood Capital Acquires Deer Park Multifamily
The Deer Park Crossing deal represents the second transaction within 18 months between REVA Development Partners and Redwood.
DEER PARK, IL—Chicago-based Redwood Capital Group has added the 236-unit Deer Park Crossing here to its multifamily portfolio.
The property was built last year by REVA Development Partners of Chicago. The Deer Park Crossing deal represents the second transaction within 18 months between REVA Development Partners and Redwood Capital. In October 2018, REVA sold The Residences of Orland Park Crossing, a 231-unit apartment complex in Orland Park, IL to Redwood Capital.
Deer Park Crossing consists of seven, two-story townhomes and three, four-story apartment buildings with heated underground parking. The units are large with an average size of 1,252 square feet, and the parking availability allows for two spaces per unit.
No financial terms of the transaction were disclosed.
“Deer Park Crossing is a Class AA apartment community located in a premier Chicago submarket, with the amenities and unit sizes to outperform the market for years to come, making it a great investment opportunity,” says Bill McDougall, VP of acquisitions at Redwood Capital Group. “The property leased up on its projected schedule, and the retention rate has been close to 70% this year, signaling high resident satisfaction and minimal occupancy risk.”
Deer Park Crossing’s units feature quartz countertops, stainless steel appliances, two-tone cabinetry, nine-foot ceilings, full-size washers and dryers, tile backsplashes and faux wood flooring in kitchens, baths and living areas. Property amenities include a clubhouse with shared kitchen, media lounge, concierge services, a state-of-the-art fitness center, pool, sundeck, outdoor grill stations, firepits, a dog park and a bocce ball court.
Back in July, Redwood Capital entered the Phoenix area multifamily market with the purchase of the Carter, a 365-unit class-A apartment complex in Scottsdale.