"Deer Park Crossing is a Class AA apartment community located in a premier Chicago submarket, with the amenities and unit sizes to outperform the market for years to come, making it a great investment opportunity," says Bill McDougall, VP of acquisitions at Redwood Capital Group. "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."

Deer Park Crossing's units feature quartz countertops, stainless steel appliances, two-tone cabinetry, nine-foot ceilings, full-size washers and dryers, tile backsplashes and faux wood flooring in kitchens, baths and living areas. Property amenities include a clubhouse with shared kitchen, media lounge, concierge services, a state-of-the-art fitness center, pool, sundeck, outdoor grill stations, firepits, a dog park and a bocce ball court.

Back in July, Redwood Capital entered the Phoenix area multifamily market with the purchase of the Carter, a 365-unit class-A apartment complex in Scottsdale.