PRESS RELEASE | NEW YORK | JULY 22, 2013
Deutsche Asset & Wealth Management announced today that its real estate investment business (formerly RREEF Real Estate) has closed on The Oaks of Vernon Hills, a development project in Vernon Hills, Illinois, that will construct and lease 304 multi-family units on a 29.5 acre site. 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. Terms of the deal were not disclosed.
The Oaks of Vernon Hills, located at 770 US Highway Route 45, will be comprised of 8 apartment buildings, 9 town home buildings and a club house building. The project is located in an affluent suburb of Chicago with top-rated schools, convenient access to transportation, and in close proximity to retail, entertainment and employment centers.
Construction on The Oaks of Vernon Hills, which will pursue USGB LEED Silver Certification, will commence in July 2013, with initial occupancy expected to take place in July 2014. Upon completion, the project will be the only purpose built Class A apartment product delivered to the Chicago suburb in the last 9 years and only the second in the last 20 years.
“The project location, combined with limited new supply, strong investor demand and potential for attractive income returns once stabilized, represent a compelling strategic investment opportunity for our client,” said Todd Henderson, Head of Real Estate, Americas for Deutsche Asset & Wealth Management. “We are thrilled to partner with REVA Development Partners and Hamilton Partners and are confident that the Vernon Hills community and future residents will benefit from the depth and breadth of our combined development, asset and property management experience.”
The development was also featured in a recent article published in Chicago Real Estate Daily. To read the full Crain’s article click here.