Redwood Capital Pays $91M for Suburban Chicago Property
- Dec 16, 2019
Redwood Capital Group has acquired Deer Park Crossing, a 236-unit luxury community in the Chicago suburb of Deer Park, Ill. Yardi Matrix data shows REVA Development Partners sold the Class A property for $90.5 million and the buyer used a $54.3 million loan from MetLife.
The sale marks the second transaction between REVA and Redwood within the last 18 months. The first one closed in October 2018 and involved a 231-unit luxury community in Orland Park, Ill.
Completed in 2018, the community consists of seven two-story townhomes and three four-story apartment buildings spread across more than 11 acres. The unit mix features one- to three-bedroom floorplans averaging 1,252 square feet. Amenities include a clubhouse, media lounge, fitness center, swimming pool, dog park and bocce ball court. The property was 91.5 percent occupied as of October, per Yardi Matrix data.
Deer Park Crossing sits at 21599 W. Field Court, less than 2 miles east of the city center and within walking distance of Deer Park Town Center. The property is roughly one mile north of Cook County Forest Preserve, close to U.S. Route 12 and Highway 53.