EQT Exeter’s U.S. Multifamily team recently purchased Reserve Randall Road, a 380-unit development in West Dundee, Illinois in an off-market deal. Redwood Residential, which is a property management company that is fully integrated with EQT Exeter, will manage the property.
The property was formerly known as the Seasons at Randall Road. This garden-style property is located at 400 Randall Road in West Dundee and houses a total of 19 two-story buildings. The buildings feature studios, one-, two- and three-bedroom layouts, and across all buildings total of 402,933 square feet.
In a press release Bill McDougall, managing director of Investments at EQT Exeter U.S. Multifamily, said “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. 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 is Milwaukee-based Fiduciary Real Estate Development. They developed the property in two phases. Phase I was completed in 2021 and consists of 300 units while the remaining 80 units were delivered earlier this year as part of Phase II.
Reserve Randall Road has a number of amenities, such as a clubhouse and complimentary coffee bar, a dog park, a fully-equipped fitness center, a pool, and an exterior area for grilling and entertainment.
According to plans, each unit has a private entrance and an oversized balcony or patio. Finishes include updated stainless steel appliances, paneled doors with nickel finish hardware, nine-foot ceiling spans, quartz countertops with Kohler fixtures and under-mount sinks in both the bath and kitchen, walk-in closets, designer plank flooring, and in-unit washer and dryer.
The site is surrounded by forest preserves, nature trails, highly ranked schools, and popular retail options. The property is situated within conceivable commuting distance to downtown Chicago via the nearby Jane Addams Memorial Tollway and is under 30 minutes away from O’Hare International Airport.
EQT Exeter’s representatives have expressed a determination to continue to establish the multifamily sector for the foreseeable future. This decision cites the perceived renter demands for properties.
This purchase follows the company’s recent acquisition of Reserve Eden Prairie in Eden Prairie, Minnesota in March, as well as the May announcement that Swedish private equity firm EQT AB entered has entered into an agreement to acquire Redwood Capital Group. This transaction closed in the second quarter and allows for expanded deal flow, which in turn allows for the combined team to identify the most profitable opportunities in the U.S.