Redwood Residential now manages over 6,000 units, part of a five-year strategy to grow the company’s portfolio
Chicago-based Redwood Residential, the fully integrated property management arm of real estate investment management firm Redwood Capital Group, recently took over duties at Whispering Hills, a 216-unit rental community in Colorado Springs, Colo. The assignment pushes Redwood Residential’s national portfolio to more than 6,000 units, part of the firm’s plan to expand to 25,000 units in the next five years.
“The addition of Whispering Hills aligns perfectly with Redwood’s philosophy of vertical integration,” said Bob Flannery, president of Redwood Residential. “With Redwood Capital Group’s investment, asset and construction management capabilities, combined with Redwood Residential’s property management expertise, our goal is to elevate residents’ experience at Whispering Hills while simultaneously introducing operational efficiencies.”
The 10-building community, located at 260 Rim View Drive, features one- and two-bedroom apartments and totals 182,804 square feet. Units come with a wood-burning fireplace, walk-in closets, private patio/balcony, washers and dryers and views of Pikes Peak and Pike National Forest.
Whispering Hills is a pet-friendly community, with an on-site dog park and dog wash station. Other amenities include a year-round heated swimming pool, hot tub and sundeck, plus a two-story clubhouse with a resident lounge, 24-hour fitness center, billiards table, business center and rentable party space.
Redwood Capital Group acquired Whispering Hills in December 2014 as a value-add investment. Renovations since the acquisition have included clubhouse renovations and exterior painting. With the property under Redwood Residential’s management, there will be an additional focus on unit renovations and upgrades to meet the evolving expectations of the Colorado Springs’ rental market.
The property has experienced an average of 95% occupancy and strong rent growth. The capital expenditures planned for the community, combined with Redwood Residential’s hospitality-inspired management, will continue to drive strong property performance.
Whispering Hills is well-located in Northeast Colorado Springs off of CanAm Highway and I-25. The community is in proximity to The University of Colorado Colorado Springs and surrounded by excellent schools, popular retail options and vibrant natural settings, including Ute Valley Park, Rockrimmon Open Space and Pulpit Rock Park.
About Redwood:
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.
Redwood Capital Group is a vertically integrated real estate investment manager concentrated on the multifamily sector and comprised of four primary verticals: investment management, asset management, construction management and property management. With a national portfolio valued at approximately $2 billion in gross asset valuation and a track record of success, Redwood is positioned as one of the foremost choices in the industry for the deployment of institutional and high-net-worth equity. Founded by industry veterans, David Carlson and Mark Isaacson, Redwood has 200 years of collective industry leadership and experience, which allows the firm to commit to providing best-in-class real estate services to residents, investors, partners, and employees alike.
