Redwood Capital acquires Deer Park apartment complex

DEER PARK - Redwood Capital Group announced it has acquired Deer Park Crossing, a 236-unit apartment complex in Deer Park.

Terms of the acquisition were not announced

The complex was built in 2018 by 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 property consists of seven 2-story townhouses and three 4-story apartment buildings with heated underground parking. The units are an average size of 1,252 square feet, and the parking availability allows for two spaces per unit.

Deer Park Crossing represents the second transaction within 18 months between REVA Development Partners and Chicago-based investment company Redwood.

"The Property leased up on its projected schedule, and the retention rate has been close to 70% this year, signaling high resident satisfaction and minimal occupancy risk," said Bill McDougall, vice president of acquisitions at Redwood Capital Group.