Chicago, IL July 9th, 2019 – Redwood Capital Group, LLC (“Redwood”), a Chicago-based multifamily investment advisor, has acquired Carter, a 365-unit Class A apartment property in Scottsdale, Arizona.
“Carter represents Redwood’s first acquisition in the Phoenix MSA and we are excited to finally be cementing a flag in Old Town Scottsdale and expanding our west coast footprint,” said Field Stern, Vice President of Acquisitions at Redwood. “Carter is a “best-in-class” asset in one of the top performing multifamily markets in the country. Its overall quality, resident demographics and profile, property performance, and market fundamentals all make Carter a rare and unique opportunity.”
Carter is a 365-unit, Class A multifamily community completed in 2018 and consists of one five-story building with three elevators that serve all residents and offer direct access (per floor) to a structured parking garage.
Located in downtown Scottsdale, a city of approximately 240,000 people, Carter caters to an affluent demographic that enjoys proximity to five-star restaurants, hotels, world-class art galleries, high-end shopping and contemporary nightlife. Within a two-mile radius, there are at least 200 retail stores and 140 restaurants, including the Scottsdale Fashion Square Mall, Old Town Scottsdale corridor and the Old Town Entertainment District.
Onsite amenities include a resort-style pool area with a dining terrace, relaxing cabanas and an oversized hot tub; an outdoor fireplace area with overhead lighting and dining areas; resident clubhouse featuring two-story ceiling heights, kitchen area, billiards room and coffee bar; state-of-the-art fitness center with separate spin and yoga studios; Luxer One concierge package locker system; six-story painted parking garage with reserved parking and bike storage; business lounge with private conference room(s) and outdoor seating area; pet park and grooming area; and electronic access system to apartment units.
“The expansive amenity package and outdoor space aligns perfectly with today’s resident expectations,” said Stern. “With a large portion of our residents working remotely, these popular features resonate because they provide an extension of the apartment space for our residents to live, work and play.”
All units have condominium-quality finishes such as 9, 10 and 11-foot ceiling heights, granite or quartz countertops, kitchen islands, stainless steel appliances, single-basin under-mount sinks, custom wood cabinetry, oversized windows, wood-like flooring, extra-large balconies or patios, and full-size washers/dryers. Residents enjoy reserved covered parking and bike storage, concierge lockers, and electronic key/access to their units.
About Redwood Capital Group, LLC
Redwood Capital Group, LLC is a Chicago-based real estate investment advisor founded in 2007 by David Carlson and Mark Isaacson. The company is focused on value-add and core-plus investments in urban and suburban markets across the U.S. Redwood’s mission is to be the foremost choice for institutional and private equity in pursuit of strategic multifamily investment. As of June 30, 2019, Redwood owns approximately 10,000 apartment units and has $1.5B of assets under management. Redwood is located at 1 E. Wacker Drive in Chicago. For more information, visit www.redwoodcapgroup.com or call 312.995.7300.