Redwood Capital Group has acquired a 231-unit community in Orland Park, Ill., from REVA Development Partners. The Residences of Orland Park Crossing was built in 2016 and is located about 25 miles southwest of Chicago.
The luxury rental community consists of four mid-rise elevator buildings with a mix of one- and two-bedroom units averaging 980 square feet and 63 rowhomes and townhomes ranging from 1,487 to 1,994 square feet. Amenities include a clubhouse, pool, fitness center and proximity to a nearby forest preserve.
The community is situated in the heart of Orland Park, a suburb undergoing a major renaissance. A 70,000-square-foot grocery store, coffee shop and several restaurants are located adjacent to the community. Retail and shopping centers are close by, and the Orland Park 143rd Street Metra train station is across the street.
“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 renters by choice, in a walkable neighborhood with excellent access to downtown Chicago,” said Bill McDougall, vice president of acquisitions at Redwood Capital Group, in a prepared statement.
In June, Redwood Capital Group sold a 210-unit community in the Charlotte, N.C., area for $30.2 million to Blaze Partners and True North Management Group.
Image via The Residences of Orland Park Crossing