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Redwood Capital Makes Apartment Buy in Orland Park
Chicago-based Redwood Capital Group has acquired The Residences of Orland Park Crossing, a 231-unit apartment complex in Orland Park, IL. The property was constructed in 2016, and the seller is REVA Development Partners. The price was not disclosed; Crain’s Chicago Business reported it at $70 million.
Redwood Capital’s Bill McDougall called the Orland Park complex “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.”
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. “The row homes and townhomes are 100% occupied because they are large enough to appeal to families moving to the area for the nationally-ranked schools,” said McDougall.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

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