NEW YORK, NY - RREEF, the real estate investment business of Deutsche Bank’s Asset Management division, announced today that, in two separate transactions, RREEF America REIT II has acquired Cityfront Place, a multifamily residential tower in Chicago for $107 million, and Eden Hill and Sweetbrier, two multifamily properties in Seattle for $44 million. Terms of the transactions were not disclosed.
“We are confident that our regional asset management team’s collective expertise and knowledge of the multifamily markets in Chicago and Seattle will benefit the residents of Cityfront Place, Eden Hill, Sweetbrier, and our investors,” said Kevin Howley, Portfolio Manager, RREEF America REIT II. “The high standards to which Eden Hill and Sweetbrier were constructed and our plans to further renovate and enhance the operational efficiencies of Cityfront Place, combined with our expectation that market fundamentals will continue to improve in each of these premier markets, present compelling investment opportunities for our investors.”
Cityfront Place, located at 400 North McClurg Court in Chicago, is a 480-unit, 40-story multifamily residential tower built in 1991. The property, located along the Chicago River within the Streeterville neighborhood of the Gold Coast/River North submarket, has unobstructed views of Lake Michigan and the Chicago skyline, and is in close proximity to public transportation, cultural attractions and employment.
Eden Hill and Sweetbrier are two four-story multifamily/retail properties located at 1925-2111 Queen Anne Avenue North in the amenity-rich Queen Anne submarket of Seattle. The properties, which were completed between 2008 and 2009, are comprised of 81 apartment units and 27,000 square feet of street level retail.
RREEF has successfully developed two multifamily high-rise projects in Downtown Chicago during the last six years and owns more than 9 million square feet of retail, residential, industrial and office properties throughout Chicago and the surrounding suburbs. RREEF owns three multifamily apartments in greater Seattle and owns more than 8 million square feet of commercial properties throughout Seattle and the surrounding suburbs.
RREEF America REIT II is managed by RREEF, the real estate investment business of Deutsche Asset Management. During the past 40 years, RREEF has built a leading real estate investing business, with nearly 600 professionals located in 22 cities around the world and $59.4 billion in assets under management as of March 31, 2011. RREEF employs a disciplined investment approach and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate and infrastructure securities, and real estate debt and opportunistic real estate. RREEF aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, and retirement plans worldwide.