Renovations planned for garden-style community in prime Chicagoland location
AURORA, Ill., Dec. 9, 2020 /PRNewswire/ -- Redwood Capital Group, a vertically integrated multifamily investment manager, today announced it has acquired Hunter's Glen, a garden-style apartment community in the Aurora-Naperville submarket, one of the most sought-after suburbs in the greater Chicagoland area.
Redwood plans to renovate the majority of the apartment homes and also will implement extensive upgrades to most of the common areas. The acquisition was made in joint venture with an affiliate of Heitman LLC (Heitman), a global real estate investment management firm.
The community features 320 apartment homes and provides residents with convenient access to top-tier schools, suburban job centers and downtown Chicago. Built in 1991, Hunter's Glen consists of 16 residential buildings and has a clubhouse, dog park and 24-hour fitness center among other amenities.
"We are proud that, despite the ongoing pandemic, Redwood has continued to complete portfolio-improving transactions," said Bob Flannery, chief operating officer and executive vice president of Redwood Capital Group. "This is the second acquisition we have closed within the last 60 days, and we have grown our portfolio and our investor base throughout 2020. Getting a deal done in this environment and doing so with a new capital partner in Heitman is a real achievement."
Situated at 245 N Oakhurst Drive, Hunter's Glen is located near the I-88 Office Tech Corridor, one of the major suburban employment hubs in the area.
In addition, Hunter's Glen is close to numerous entertainment and retail options. The property is less than two miles from the Fox Valley Mall, a 1.5-million-square-foot enclosed mall with 150 shops, eateries and services. Outdoor attractions like the Phillips Park Zoo and the Morton Arboretum are also nearby. Downtown Naperville, which is less than five miles from Hunter's Glen, features over 300 businesses and a stunning riverwalk.
"From a property perspective and a submarket perspective, we believe all the factors are in place for us to drive NOI and deliver a great risk-adjusted return on our investment," said Bill McDougall, vice president of investments for Redwood Capital Group. "Our research and analysis show this submarket should experience continued population growth, minimal new apartment construction and increased apartment demand for the foreseeable future. Combine these factors with our planned upgrades, and we believe this community will thrive as it provides residents with a true best-in-class living experience."
Hunter's Glen offers one- and two-bedroom homes, with an average unit size of 886 square feet. Redwood plans to renovate most of the homes to include new premium laminate countertops, white cabinets, faux-wood flooring, ceramic backsplashes and stainless-steel appliances. The unit upgrades also will include updates to paint, lighting, hardware and fixtures.
Hunter's Glen community amenities will be renovated as well. The improvements will include clubhouse upgrades, new fitness equipment and the addition of a package room. Improvements to the pool area will include a new coating on the pool deck, new pool furniture and improvements to the outdoor grills.
About Redwood Capital Group
Based in Chicago, Redwood Capital Group is an institutionally focused, vertically integrated real estate investment manager concentrated on the multifamily sector, with capabilities in transaction, asset, construction and property management. The company employs a highly disciplined investment strategy focused on core-plus and value add strategies of multifamily communities. It identifies distinctive opportunities with the potential for attractive risk adjusted rates of return and has more than $1.5 billion of assets under management.
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SOURCE Redwood Capital Group LLC