NEW YORK--(BUSINESS WIRE)--
Deutsche Asset & Wealth Management’s (DeAWM) real estate investment business today announced that it has acquired 2555 North Clark, Chicago on behalf of an institutional client.
The 19-story apartment tower comprises 162 units which are 96% occupied, and 6,884 square feet of fully-let retail space.
The property, four miles north of downtown Chicago, is located in the Lincoln Park neighborhood on Clark Street, well-known for its numerous up-market restaurants, boutiques and nightlife, and with close proximity to Lake Michigan. The building has undergone extensive exterior renovations since it was built in 1987.
“We are pleased to add this core investment to our client’s portfolio. 2555 North Clark is a well-designed, multifamily asset located in a vibrant submarket in Chicago that is currently underserved with rental housing units. We believe this fact combined with an active asset management strategy will allow us to deliver above-average total returns and hold strong long term value for our client," said Todd Henderson, Head of Real Estate, Americas, at Deutsche Asset & Wealth Management.
Deutsche Asset & Wealth Management – Real Estate
Deutsche Asset & Wealth Management’s real estate investment business (formerly RREEF Real Estate) has been investing in real estate assets for more than 40 years. As part of the Alternatives and Real Assets platform, this business today has more than 450 employees around the world and US$47.3 /€34.9 billion1 in assets under management as of September 30, 2013, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide. To learn more about Deutsche Asset & Wealth Management's real estate investment capabilities, go to www.rreef.com.
¹ Excludes infrastructure securities assets under management, which were previously reported under the RREEF Real Estate business.
Deutsche Asset & Wealth Management
With $1.28 trillion of assets under management (as of December 31, 2013), Deutsche Asset & Wealth Management¹ is one of the world's leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.
¹ Deutsche Asset & Wealth Management is the brand name of the Asset & Wealth Management division of the Deutsche Bank Group. The legal entities offering products or services under the Deutsche Asset & Wealth Management brand are listed in contracts, sales materials and other product information documents.
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