Chicago, IL – July 23, 2015 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, is pleased announced the recent acquisition of Encore on the Bay, a 296-unit apartment complex in Seabrook, TX (suburban Houston).
Redwood, headed by partners David Carlson and Mark Isaacson, owns and operates 31 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.
Encore on the Bay, located at 4601 NASA Parkway in Seabrook, TX, consists of four three-story courtyard buildings, is situated on 8.2 acres, and offers residents spacious one- and two-bedroom apartments averaging 925 square feet. The property, which features 400 feet of frontage along Clear Lake’s north shore, was originally constructed in 1969, but was substantially renovated in 2010 after sustaining damage during Hurricane Ike. Major projects included roof replacement, all-new electrical wiring and plumbing throughout the property, new sprinkler and fire alarm systems, and converting the chiller system to an individual HVAC system. Redwood plans to inject an additional $1.5 million of capital into the property, focusing primarily on unit interior upgrades and repairing and upgrading the existing pier and boat slips on the lake.
“Encore on the Bay is a very charming and unique property located right on the water in the growing Clear Lake submarket,” said Bill McDougall, Redwood’s VP of Acquisitions. “With close proximity to an array of employers and area attractions, including Johnson Space Center, the Houston Ship Channel, Webster Medical Center, and Baybrook Mall, Encore really does offer something for everyone. We think our plan to upgrade unit interiors and the property’s amenities, most notably the pier and boat slips, will be very well received by residents given the neighborhood’s strong demographics overall appeal.”
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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