Redwood Capital Group acquires Orland Park apartment complex

ORLAND PARK — Chicago-based multifamily investment firm Redwood Capital Group has acquired The Residences of Orland Park Crossing, a 231-unit apartment complex in Orland Park.

Terms of the acquisition were not announced.

The property was constructed in 2016. The seller is REVA Development Partners, a Chicago-based real estate developer specializing in high-quality rentals, for-sale housing and mixed-use projects throughout the Midwest.

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 townhouses ranging from 1,487 to 1,994 square feet. Residents also enjoy an array of state-of-the-art amenities including a clubhouse, pool, fitness center and views of the adjacent forest preserve.

“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 renter by choice, in a walkable neighborhood with excellent access to downtown Chicago,” said Bill McDougall, vice president of acquisitions at Redwood Capital Group. “The suburb of Orland Park is a focal point of economic growth in the region, and there are virtually no other units of this size and quality in the area.”

The row homes and townhouses are 100 percent occupied, McDougall said.