34
CREST HILL, ILL. — Chicago-based Redwood Capital Partners has acquired Woodlands of Crest Hill, a 730-unit apartment community located at 1615 Arbor Lane in Crest Hill. The property comprises studio, one- and two-bedroom units, with rents ranging from $600 to $950. Occupancy was 94 percent at the time of closing. Redwood plans to complete between $4,000 and $4,500 in capital improvements per unit to renovate the apartment interiors. The community was acquired from Chicago-based Laramar Group for an undisclosed amount.