Chicago, IL, November 21, 2014 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, is pleased to announce the recent acquisition of Stone Ridge, a 280 unit apartment complex in Colorado Springs, CO.
Redwood, headed by partners David Carlson and Mark Isaacson, owns and operates 30 multi-family properties totaling almost 10,000 units in multiple markets throughout the Midwest, Southeast, and Southwest. The firm expects to close approximately $175 million in total acquisitions by year-end.
Stone Ridge, located at 1844 Ralphs Ridge in Colorado Springs, consists of 14 three-story buildings situated on 18 acres. Built in 1986, its 280 one- and two-bedroom apartments range in size from 497 to 908 square feet. Redwood will implement a moderate value-add strategy involving fully upgrading the non-renovated unit interiors and fine-tuning a majority of the partially upgraded units, substantially renovating the property’s clubhouse and other amenities, and addressing various minor deferred maintenance needs. In total, Redwood plans to spend approximately $1.1 million on capital improvements.
“Stone Ridge’s location in the South Central submarket of Colorado Springs boasts the second-highest rents and second-lowest vacancy in the city. The asset’s location also offers remarkable views of the skyline and mountain-scape making it a highly sought-after residential area. We are looking forward to updating the asset and escalating its value within this vibrant submarket,” said David Carlson, a managing partner at Redwood.
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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