Chicago, IL, November 1, 2013 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, is pleased announced the recent recapitalization of three properties in suburban Chicago: Fountains at Stone Crest, Lakes at Fountain Square, and Woodlands of Crest Hill.
Redwood, headed by partners David Carlson and Mark Isaacson, owns and operates 27 properties totaling almost 10,000 units in multiple markets throughout the Midwest, Southeast and Southwest.
Fountains at Stone Crest, located at One Fountainhead Drive in Westmont, IL, features 20 two-story garden-style apartment buildings averaging 971 square feet. Built in 1966, this 400-unit property consists of one- and two-bedroom apartments. Some of the property’s highlights include a 5,300 SF clubhouse containing a fitness center, indoor racquetball court, business center, great room, and leasing and management offices. Residents enjoy additional amenities such as the large pool and sun deck, children’s playground, picnic area and carports. The residents also benefit from the property’s close proximity to a large retail market and major employers like Ace Hardware, IBM, McDonalds, BP Amoco, Navistar, Microsoft and Argonne National Laboratory in nearby Oak Brook along with easy access to the Westmont train station.
Lakes at Fountain Square, located at 500 Lakehurst Road in Waukegan, IL, is comprised of 23 three-story garden-style apartment buildings. Built in 1976 on 6.96 acres, this 384-unit property consists of one-, two-, and three-bedroom units averaging 789 square feet. Lakes at Fountain Square features two swimming pools, two tennis courts, a fitness center, a maintenance storage shop, a clubhouse with leasing office, and parking garages. Interior improvements include new and updated lighting fixtures, new paint, stylish countertops, modern appliances, and other various enhancements. Residents also enjoy its excellent location near major corporate campuses including Abbott Laboratories and Cardinal Health, the Gurnee School District, and a mixed-use development containing a Wal-Mart Superstore, Chili’s, Starbucks, Chase Bank, Marriott Springhill Suites, and other retail stores and restaurants.
Woodlands of Crest Hill, located at 1615 Arbor Lane in Crest Hill, IL, consists of 17 two- and three-story split garden-style apartments. Built in 1972, the 730-unit community is made up of one- and two-bedroom apartments. All apartments include air conditioning units, dishwashers, renovated kitchens, updated appliances, and each building contains laundry facilities. Community amenities include a fitness center with locker rooms, a clubhouse with a fireplace, swimming pool and sun deck, volleyball court and jogging trail. Residents enjoy the convenience of the Joliet Metra train station, access to major highways, and the property’s beautiful landscaped wooded grounds.
“This three-property recapitalization with Investcorp is part of our strategy to continue gaining attractive yields and potential long-term cash flow as part of our existing portfolio. The properties are all in locations with easy access for commuters who work in Chicago, but also have a mix of amenities like sports courts, wooded grounds, and resort-style living,” said David Carlson, Redwood’s Managing Partner.
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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