Chicago, IL, December 16, 2013 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, is pleased to announce the recent acquisition of The Landings, a 392 unit apartment complex in Raleigh, NC.
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.
The Landings, located at 6820 Woodbend Drive, is comprised of 32 two-story buildings with a total of 293,576 square feet on 39.2 acres. Built in 1980, this 392-unit property consists of one-two- and three-bedrooms. Post-acquisition, Redwood will initiate major upgrades of the asset by injecting $1.65 Million into capital improvements. Significant amenity enhancements include major improvements to the pool, fitness center and clubhouse. Redwood plans to add a high-end outdoor kitchen and dog park. Exterior capital expenditures include roof and deck repairs as well as significant landscaping enhancements. The lion’s share of the value-add program will include major interior renovations such as updating appliances, resurfacing countertops, new paint, lighting and plumbing fixtures, new cabinet and door hardware.
“The Landing’s superb location in Raleigh’s highly desirable North Hills submarket affords the property access to a diverse employment base. In addition, its proximity to North Hills mall provides residents access to a major retail hub, which is quickly becoming a Secondary central business district in Raleigh,” said Redwood 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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