Chicago, IL, September 23, 2013 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, announced the recent acquisition of Place at Greenway, a 219-unit apartment complex in central Houston, TX.
Redwood, headed by partners David Carlson and Mark Isaacson, owns and operates 27 properties totaling more than 9,000 units in multiple markets throughout the Midwest, Southeast and Southwest. The firm has closed $65 million in acquisitions year-to-date and expects to close another $150 million by year-end.
Place at Greenway, located at 3333 Cummins St., is comprised of 16 two-story buildings totaling of 191,734 square feet on 6.2 acres. This 219-unit property consists of one- and two-bedroom units averaging 875 square feet. Built in 1962, the property has been extensively renovated over the last 15 to 20 years and today includes amenities such as a clubhouse, swimming pool, fitness center, coffee bar, laundry room, carports, controlled, gated access, and in-unit washers and dryers. Located in the highly desirable Greenway Plaza/Upper Kirby neighborhood of Houston, the property enjoys very close proximity to the Greenway Plaza office complex and the many high-end retail and dining options throughout the neighborhood. Further, the property is within 10 to 15 minutes of downtown Houston, the Galleria, the Texas Medical Center, and Memorial Park. In addition to enhancing the amenity package at the property, Redwood plans to spend approximately $6,000 per unit on unit interior upgrades.
“We’re very excited about this investment,” says Bill McDougall, Redwood’s VP of Acquisitions. “Houston as a whole is experiencing tremendous growth right now, and Place at Greenway’s urban, in-fill location is among the very best in the entire market. With a dwindling supply of class-B apartment options in the submarket, we think the upgrades we plan to make to the units will be very well received.”
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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