Chicago, IL, July 21, 2015 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, is pleased announced the recent acquisition of The Reserve at Hoffman Estates, a 642-unit apartment complex in Hoffman Estates, IL.
Redwood, headed by partners David Carlson and Mark Isaacson, owns and operates 30 properties totaling almost 10,000 units in multiple markets throughout the Midwest, Southeast and Southwest. The firm anticipates closing approximately $200 Million in total acquisitions in 2015.
The Reserve at Hoffman Esates, located at 875 Pacific Avenue in Hoffman Estates, IL was built between 1985 – 1988 and is situated on 40.47 acres. The property consists 30 three-story buildings with one- and two -bedroom apartments averaging 966 square feet. The buildings vary by the number of homes built within each building. They were built with multiple layers and adjoining sections to increase privacy for residents as well as add space for larger units. Redwood plans on continuing renovating unit interiors, hallways, and common areas to further enhance the property.
“The property is located in Hoffman Estates in close proximity to I-90, I-290, and the new Elgin-O’Hare Expressway expansion project giving easier access to downtown Chicago and other Chicago area highways. The property is only one mile south of St. Alexius Medical Center which employs a majority of Hoffman Estates, but is also ranked the 5th best hospital in Illinois. Our strategy is to continue upgrading the property and improve the park-like atmosphere as well as use the property’s convenient proximity to major employment and entertainment to compete with other properties in the Northwest Cook submarket.” said Redwood’s Acquisition Officer, 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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