RANDOR, PA - EQT Exeter’s U.S. Multifamily team recently acquired the 380-unit Reserve Randall Road in West Dundee, Ill. in an off-market deal. EQT Exeter’s fully integrated property management company, Redwood Residential, will manage the property.
Formerly called Seasons at Randall Road, the garden-style property is located in Chicago’s Northwest suburbs at 400 Randall Road and comprises 19 two-story buildings. Reserve Randall Road totals 402,933 square feet and features studio, one-, two- and three-bedroom layouts.
“The high-quality construction and premium finishes at Reserve Randall Road, along with the property’s strong basis and stabilized occupancy align perfectly with our core-plus investment strategy,” said Bill McDougall, managing director, Investments, EQT Exeter U.S. Multifamily. “The affluent area demographics and easy access to lifestyle amenities and jobs in the surrounding area will ensure that Reserve Randall Road continues to experience robust renter demand.”
The seller, Milwaukee-based Fiduciary Real Estate Development, developed the community in two phases. Phase I was completed in 2021 and consists of 300 units while Phase II was delivered earlier this year and consists of an additional 80 units.
The amenity package at Reserve Randall Road includes a state-of-the-art clubhouse with complimentary coffee bar, entertainment lounges and fully equipped fitness center, a resort-style pool, exterior gas firepit, grilling station and dog park.
Each unit has its own private entrance and oversized balcony or patio. Class A finishes include stainless steel appliances, contemporary paneled doors with satin nickel finish hardware, 9-foot ceilings, quartz countertops with under-mount sinks in bath and kitchen, Kohler fixtures, spacious walk-in closets, designer plank flooring and in-unit washer and dryer.
Through its in-house construction management division, the EQT Exeter U.S. Multifamily team will project manage a series of select enhancements to the property. These include upgrading the outdoor grill area and dog park, the addition of a cabana to the pool area, implementation of a KeyTrak management system and miscellaneous upgrades to the parking lot, sidewalks and landscaping.
“I am very bullish on the multifamily sector in the near term, especially in desirable pockets of Chicago’s suburbs,” said David Carlson, head of EQT Exeter’s U.S. Multifamily platform. “The incredible demand we are seeing from renters for properties like Reserve Randall Road – new-construction apartment options in coveted suburban locales – gives me confidence in our combined core-plus and value-add model moving forward.”
West Dundee is located along the Fox River in growing Kane County. Reserve Randall Road is surrounded by forest preserves, nature trails, highly ranked schools and popular retail options. The property offers access to jobs and amenities in downtown Chicago via the nearby Jane Addams Memorial Tollway and is less than 30 minutes from O’Hare International Airport.
The purchase of Reserve Randall Road comes on the heels of the company’s recent purchase of Reserve Eden Prairie in Eden Prairie, Minn. in March and the May announcement that Swedish private equity firm EQT AB entered into an agreement to acquire Redwood Capital Group. The transaction, which closed in the second quarter, will enable expanded deal flow, allowing the combined team to pursue the highest performing opportunities in the U.S. with experienced professionals across 10 offices.
About EQT Exeter: EQT Exeter is a global real estate solutions provider serving corporate and consumer tenants with scope and scale. EQT Exeter is among the largest real estate investment managers in the world, focused on acquiring, developing and managing logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. EQT Exeter was created through the combination of Exeter Property Group and EQT. A global leader in sheds, beds, and meds, EQT Exeter currently oversees a portfolio totalling over 350 million square feet across 1,800 buildings, while executing a tenant-centric strategy. The EQT Exeter Team comprises more than 300 experienced professionals operating in 44 offices around the globe. Together, they have consummated over 850 real estate investments. As part of EQT, the team leverages the firm’s industry-leading sustainability credentials and framework and in-house digitalization skills to generate increased value for its investor clients.
About Redwood Residential: Redwood Residential is a nationally recognized, fully integrated property management company offering a suite of high-touch services, innovative offerings and personal experiences that strives to deliver hospitality-inspired communities, with an emphasis on service, integrity and empathy. Through a harmonious combination of sincerity, camaraderie and excellence, Redwood Residential currently manages an institutional portfolio of over 6,000 units across the United States, with dedicated plans for continued growth. At its core, Redwood Residential thrives by choosing to be open-minded to possibility, while staying true to our values with a people-driven, business-focused model.