DEAL OF THE DAY: Redwood Buys 384-Unit Property for $30.6M

By Anuradha Kher, Online News EditorChicago–Redwood Capital Partners recently acquired the 384-unit Lakes at Fountain Square apartment complex, located in the Chicago suburb of Waukegan, Ill., for $30.6 million.The property, which has an occupancy rate of 93 percent, was acquired as part of Redwood’s value-add portfolio and it plans to retain Lakes as a rental property.The Lakes at Fountain Square totals 303,195 sq. ft. and is comprised of one, two-, and three-bedroom units, with rents ranging from $855 to $1,260. “We’re enthusiastic about our investment in the Lakes at Fountain Square,” says Redwood Principal David Carlson. “The suburban Chicago economy has been growing at a healthy pace with solid job growth and increasing rental rates.”The Lakes at Fountain Square was built in 1978 and Redwood is planning to upgrade the property through interior and exterior capital improvements.“This investment was very attractive because of the property’s excellent location within one the strongest employment centers in the Chicago suburban market,” says Redwood Principal Mark Isaacson.