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chi-brookhill (3) Brook Hill, a 408-unit community in Westmont, IL, was just bought for $76 million by Redwood Capital Group.

CHICAGO—Glittering new luxury apartment towers dot the urban cores of many US metro areas, but the suburban outskirts contain a lot of modest workforce housing that quietly generates solid returns. Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, has become a big player in class B suburban properties, and the firm’s leaders say that although it does not produce headlines, the niche has tremendous long-term potential.

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