Chicago, IL, October 29, 2014 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, is pleased announced the recent acquisition of Lexington Farms, a 188-unit apartment complex in Raleigh, NC.
Redwood, headed by partners David Carlson and Mark Isaacson, owns and operates 29 properties totaling almost 10,000 units in multiple markets throughout the Midwest, Southeast and Southwest. The firm anticipates closing approximately $175 Million in total acquisitions by year-end.
Lexington Farms, located at 3409 Mill Tree Road in the Northwest Raleigh submarket, was built in 1988 and is situated on 21.9 acres. Its spacious one- and two-bedroom apartments range in size from 776 to 1,000 square feet. Redwood plans a moderate value-add strategy at the property involving renovating approximately 60 unit interiors, upgrading the clubhouse, fitness center, and other amenities, and addressing various minor deferred maintenance needs. In total Redwood anticipates spending approximately $800,000 on capital improvements.
“Lexington Farms’ location gives residents easy access to the Triangle’s major employment and retail sectors, Rex Hospital, and major highways. Redwood is committed to upgrading and continuing renovation of the units, and also increasing value with a more aggressive management approach” said Redwood’s Managing Partner, David Carlson.
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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