Redwood Capital Group, LLC, a Chicago-based multifamily investment advisor, has acquired Deer Park Crossing, a 236-unit apartment complex in Deer Park, Illinois. The property was constructed in 2018 by REVA Development Partners, a Chicago-based real estate developer specializing in high-quality rentals, for-sale housing and mixed-use projects throughout the Midwest.
“Deer Park Crossing is a Class AA apartment community located in a premier Chicago submarket, with the amenities and unit sizes to outperform the market for years to come, making it a great investment opportunity,” said Bill McDougall, vice president of acquisitions at Redwood Capital Group. “The property leased up on its projected schedule, and the retention rate has been close to 70 percent this year, signaling high resident satisfaction and minimal occupancy risk.”
The property consists of seven two-story townhomes and three four-story apartment buildings with heated underground parking. The units are large with an average size of 1,252 square feet, and the parking availability allows for two spaces per unit. The large unit size and ample parking provides a competitive advantage for attracting families and other residents to the property.
Deer Park Crossing’s units feature quartz countertops, stainless steel appliances, two-tone cabinetry, nine-foot ceilings, full-size washers and dryers, tile backsplashes and faux wood flooring in kitchens, baths and living areas. The property’s amenities include a clubhouse with shared kitchen, media lounge, concierge services, state of the art fitness center, pool, sundeck, outdoor grill stations, firepits, a dog park and a bocce ball court.
The property is within walking distance of Deer Park Town Shopping Center. Deer Park is an upscale suburb of Chicago, with convenient access to thriving office markets in Rosemont, Schaumburg and the Lake County/Kenosha corridor in the north suburbs. In addition, the schools zoned to the Deer Park area are within the top 10 of Chicagoland. Deer Park Crossing represents the second transaction within 18 months between REVA Development Partners and Redwood.