Chicago, IL, January 14, 2016 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, is pleased to announce the recent sale of Fountains at Stone Crest, Westmont, IL, and Lakes at Fountain Square, Waukegan, IL.
Redwood, headed by partners David Carlson and Mark Isaacson, owns and operates 29 properties totaling almost 11,000 units in multiple markets throughout the Midwest, Southeast and Southwest.
Fountains at Stone Crest, located at 1 Fountainhead Drive in Westmont, IL features 20 two-story apartment buildings. Fountains was built in 1968, and consists of 400 one- and two-bedroom apartments averaging 972 square feet. Residents enjoy interior and community amenities such as renovated units, oversized closets, private patios, a newly updated clubhouse including a fitness center and business center, an indoor racquetball court, a swimming pool, and a playground area. The property is located within walking distance from Twin Lakes Park as well as in close proximity to top DuPage employers including McDonald’s, Ace Hardware, and Argonne National Laboratory.
Lakes at Fountain Square, located at 500 Lakehurst Road in Waukegan, IL, features 23 three-story apartment buildings. Built in two phases during 1976 and 1978, Lakes is composed of 384 studios, one- and two-bedroom apartments averaging 789 square feet. The residents benefit from renovated units, oversized closets, private patios, intercom entry, a recently renovated clubhouse which includes a business center and fitness center, a pond, a playground area, tennis courts, and two swimming pools. Lakes is located less than 15 minutes from North Beach Park, Lake Michigan, Gurnee Mills, easy access to I-94 and the Waukegan Metra train station.
“The sale of Fountains at Stone Crest and Lakes at Fountain Square is part of our strategy to take advantage of the booming economy in the Suburban Chicago submarket. Both properties are easily accessible to major hubs of transportation, shopping, healthcare, and major Fortune 500 employers within the metro Chicago submarket,” said Tammy Kelly, Senior Vice President of Asset Management.
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 312.995.7310.
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