Renovation program proved case for rent growth, with more value-add available for buyer
Chicago, IL, September 3rd, 2019 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, has completed the sale of Dwell at Bay Crossing, a 228-unit multifamily property located in Largo, Florida to a New York-based multifamily investment firm. The deal was brokered by Berkadia.
“Dwell at Bay Crossing is a well-located apartment community that realized strong year-over-year rent growth,” said Field Stern, Vice President of Acquisitions at Redwood Capital Group. “Since acquiring the property, we have made substantial capital improvements to the interior apartments, the common area amenities and the exteriors. As a result, new ownership has an opportunity to capture additional value by continuing the existing apartment renovation program and focusing on rent maximization.”
Located at 600 Starkey Road in Largo, Dwell at Bay Crossing is centrally located near the St. Petersburg International Airport, the Largo Medical Center and Tech Data Corporation, a large employer in the area.
The property consists of one-, two- and three-bedroom floor plans averaging 936 square feet. Dwell at Bay Crossing offers a full array of amenities including a 24-hour fitness center, two swimming pools with tanning decks, dog park with agility course, tennis court, bag toss court, picnic areas with outdoor grilling stations, coffee bar, 24-hour laundry centers and a Wi-Fi cafe. During ownership, Redwood Capital Group spent over $2 million on improving the unit interiors and the common area amenities.
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 August 2019, Redwood owns approximately 10,000 apartment units and has $1.7B of assets under management. Redwood is headquartered in Chicago, Illinois. For more information, visit www.redwoodcapgroup.com.