Chicago, IL, December 18, 2014 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, is pleased announced the recent acquisition of Whispering Hills, a 216-unit apartment complex in Colorado Springs, CO.
Redwood, headed by partners David Carlson and Mark Isaacson, owns and operates 28 properties totaling almost 10,000 units in multiple markets throughout the Midwest, Southeast and Southwest. The firm anticipates closing approximately $200 Million in total acquisitions in 2015.
Whispering Hills, located at 260 Rimview Drive in Colorado Springs, was built in 1984 and is situated on 12 acres. There are 10 buildings consisting of 216 one- and two-bedroom apartments ranging from 737 to 1,017 square feet. Redwood intends to bring all units up to a standard finish including 45 non-upgraded units. Redwood plans on spending $640,000 on the common areas, the leasing and business centers, the fitness center, residing the clubhouse, and other exterior deferred maintenance since the amenities are currently underutilized. In total, Redwood expects to spend approximately $1.25 million on capital improvements.
“Located in the North submarket of Colorado Springs, Whispering Hills is in the prosperous Rockrimmon neighborhood and overlooks the city with views of Pikes Peak. The property is located less than 3 miles from the University of Colorado-Colorado Springs, the University Village retail center, and located in Academy School District 20 which is considered the best school district in the city. Redwood is excited to continue upgrading and modernizing the property in order to continue increasing value within this thriving submarket” said Redwood’s Managing 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.