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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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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