Chicago, IL, March 12, 2013 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm announced the recent acquisition of Landmark at Largo Crossing, a 304 unit apartment complex in Largo, FL.
Redwood, headed by partners David Carlson and Mark Isaacson, owns and operates 25 properties totaling almost 9,000 units in multiple markets throughout the Midwest, Southeast and Southwest. The firm anticipates closing another $200 Million in acquisitions by year-end.
Landmark at Largo Crossing, located at 305 Glades Circle, is comprised of 28 two-story buildings with a totaling of 248,040 square feet on 10.69 acres. This 304-unit property consists of one, two, and three-bedrooms averaging 814 square feet a unit. Built in 1974, the property underwent $1.5 Million in extensive renovations in 2011. Redwood plans to continue rehabilitation of the asset by injecting another $209 Thousand in Capital improvements. Significant amenity enhancements include a resort-styled pool with sundeck area, new fitness center with child play area, multi-use sport court, large renovated laundry center, extensive children’s playground, car care center, and picnic and barbeque area. In addition, Redwood plans exterior enhancements with a new dynamic paint scheme and extensive landscaping upgrades. Finally, ownership plans on spending $5,564 per unit on interior unit renovations, boosting rents and solidifying occupancy. This property boasts a 94.4% occupancy rate. It is now renamed Oasis at Bayside.
“We are excited about completing the asset’s renovation initiated by previous ownership. Oasis at Bayside’s superb location on Ulmerton affords the property excellent visibility and superior access to the beaches of Clearwater, the employment of Westshore and everywhere in between,” 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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