6/5/2008

Redwood Capital adds Westmont multi-family to portfolio

by Michael Wayne
Chicago, Ill.-based Redwood Capital Partners has acquired the Fountains of Stone Crest apartments in Westmont for an undisclosed price from Avalon Bay.

The property is located at 1 Fountainhead Dr. and contains 400 units. The apartments were built in two phases between 1966 and 1975 with renovations coming in 1999.

The Fountains of Stone Crest was purchased as part of Redwood's value-add portfolio. The community is comprised of 20 two-story buildings on 17.35 acres and will be managed by Dallas, Texas-based Westdale.

Address: 1 Fountainhead Dr., Westmont, Ill.

Size: 400 units

Built: 1966-1975

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Filed Under: Multi-Family

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