Redwood Capital Group, LLC, a Chicago-based multifamily investment firm, has acquired The Residences of Orland Park Crossing, a 231-unit apartment complex in Orland Park, Illinois. The property was constructed in 2016 and the seller is REVA Development Partners, a Chicago-based real estate developer specializing in high-quality rentals, for-sale housing and mixed-use projects throughout the Midwest.
“The Residences of Orland Park Crossing is the kind of investment opportunity we rarely see—a luxury property that perfectly meets the needs of today’s renter by choice, in a walkable neighborhood with excellent access to downtown Chicago,” said Bill McDougall, vice president of acquisitions at Redwood Capital. “The suburb of Orland Park is a focal point of economic growth in the region, and there are virtually no other units of this size and quality in the area.”
The Residences of Orland Park Crossing consists of four mid-rise elevator buildings with one- and two-bedroom units averaging 980 square feet, and 63 rowhomes and townhomes ranging from 1,487 to 1,994 square feet. Residents also enjoy an array of state-of-the-art amenities including a clubhouse, pool, fitness center and views of the adjacent forest preserve.
“The row homes and townhomes are 100 percent occupied because they are large enough to appeal to families moving to the area for the nationally ranked schools,” McDougall said, noting that the local Carl Sandburg High School is ranked among the top 6 percent of schools statewide.
The property is located in the heart of Orland Park, a large suburb approximately 25 miles southwest of downtown Chicago, undergoing a major renaissance. Adjacent to the property is a 70,000-square-foot Mariano’s grocery store, Starbucks and several restaurants. A number of malls and shopping centers are just minutes away, and the Orland Park 143rd Street Metra train station is across the street, transporting commuters to Chicago’s downtown loop in less than an hour.
