Chicago, IL, May 16, 2014 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, is pleased to announce the recent acquisition of Raven Hill, a 304-unit apartment complex in Burnsville, MN.
Redwood, headed by partners David Carlson and Mark Isaacson, owns and operates 27 properties totaling over 9,000 units in multiple markets throughout the Midwest, Southeast and Southwest. The firm anticipates closing another $200 Million in acquisitions during 2014.
Raven Hill, located at 13000 Harriet Avenue South, is comprised of four buildings with a total of 300,704 square feet on 15.7 acres. Built in 1971, this 304-unit property consists of studio, one- and two-bedroom units. Redwood anticipates injecting over $2 million of capital into the property. Significant amenity enhancements include new pool furniture, relocating the fitness center, remodeling the clubroom and leasing office, adding a business center, and adding picnic areas and a yoga room. Exterior capital projects include replacing roofs and patio repairs as well as considerable landscaping enhancements. The majority of the value-add program consists of unit interior upgrades such as new appliances, new countertops, new flooring, new lighting and plumbing fixtures, and new cabinets.
“We’re very excited about Raven Hill. Its location right at I-35W and Burnsville Parkway is very strong, allowing residents easy access to Heart of the City, Burnsville Center, the Mall of America and the I-494 employment corridor. Further, given the overall strength of the Burnsville submarket, we’re confident our value-enhancement strategy, which includes reconfiguring and modernizing the property’s amenities and upgrading the unit interiors, will be very well received,” said Redwood’s Vice President of Acquisitions, Bill McDougall.
About Redwood Capital Group, LLC
Redwood Capital Group, LLC is a Chicago-based real estate investment firm founded in 2007 by David Carlson and Mark Isaacson. The company is focused on value-add and core plus investments in primary urban and suburban markets across the U.S., primarily in the Midwest, Southeast, and Southwest. The company’s mission is to be the foremost choice for institutional and private equity in pursuit of strategic multi-family investment. Redwood is located at 1 E. Wacker Drive in Chicago. For more information, visit www.redwoodcapgroup.com or call 312.464.0300.
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