Deutsche Closes on The Oaks

CHICAGO—The real estate investment business of Deutsche Asset & Wealth Management, formerly RREEF Real Estate, has just closed on The Oaks of Vernon Hills, a development project in the upscale northern suburb that will eventually have 304 multifamily luxury units on 29.5 acres. The investment, sourced on an off-market basis on behalf of an institutional investor, was acquired in a joint venture with REVA Development Partners and Hamilton Partners.

Developers had originally planned to fill the space along US Highway Route 45 with commercial buildings and offices, but the economic crash derailed those plans. And even though the housing market has started to recover, most developers seem more comfortable building rentals rather than homes for ownership.