REVA DEVELOPMENT CLOSES ON PROJECT FINANCING, BREAKS GROUND FOR DEER PARK CROSSING
Construction commences on REVA’s luxury residential community in Deer Park, IL
(CHICAGO) November 15, 2016 – REVA Development Partners announced today it has teamed with Dallas-based Phoenix Capital Partners to develop Deer Park Crossing, a 236-unit luxury residential development that recently broke ground in Deer Park, Illinois. REVA is a Chicago-based developer of high-quality rental and for-sale housing and mixed-use projects.
Deer Park Crossing will feature three condominium-quality podium buildings comprising 192 units, along with 44 three-story, tuck-under townhomes and a 7,800 square-foot resident clubhouse. The project will offer residents nine contemporary floor plans, market-leading finishes and the latest in luxury amenities, including a clubhouse with outdoor swimming pool, fitness center, club room and media room. Unit sizes will range from 806 square feet for the smallest one-bedroom flat to 2,375 square feet for the largest three-bedroom townhome.
“We are excited to work with REVA as a best-in-class partner for our first multi-family development project in Chicago. Based on the strength of its location and demographics, Deer Park Crossing represents a unique opportunity to leverage proximity to great walkable retail and entertainment with a submarket that has seen virtually no new supply of luxury rental housing,” said Andrew Scott, partner at Phoenix Capital.
Situated on more than 11 acres, Deer Park Crossing is adjacent to Deer Park Town Center, one of the dominant lifestyle centers in suburban Chicago, with more than 406,000 square feet of retail and dining space. Residents of Deer Park Crossing will be within walking distance to more than 70 stores and restaurants, including Apple, Brooks Brothers, Crate & Barrel, various white tablecloth and quick casual restaurants, a 16-screen Cinemark movie theater and a Whole Foods.
“Deer Park Crossing represents our continued focus on selecting sites and designing homes for an emerging class of renters that includes affluent baby boomers seeking the convenience and flexibility of renting. The vibrant mix of rental townhomes and mid-rise flats, combined with the easy access to walkable retail will appeal to a broad spectrum of future residents,” said Matt Nix, principal at REVA.
Deer Park Crossing is located at the southwest corner of Deer Park Boulevard and Field Parkway, just north of Lake Cook Road. The clubhouse and first series of units will be move-in ready in summer 2017. The entire Deer Park Crossing project will be complete in fall 2018.
About REVA Development Partners
REVA Development Partners is a privately held, Chicago-based real estate development company. The principals, Warren James and Matt Nix, have extensive experience successfully developing high-quality rental and for-sale housing and mixed-use projects throughout the Midwest. REVA is currently developing more than 1,100 luxury rental units throughout Chicago. REVA’s expertise includes land acquisition, design, planning, financing and construction for projects ranging from small infill sites to complex, master-planned developments. For more information, visit www.revadevelopment.com.
About Phoenix Capital Partners
Phoenix Capital Partners is a real estate private equity investment company focused on providing optimal risk-adjusted returns to its high net worth, family office and institutional investment partners through the select acquisition, development and repositioning of real estate assets. Since its founding, the firm has invested over $900 million of equity capital into over 200 real estate projects with an aggregate cost of approximately $5 billion.
Media contact: Elizabeth Curran, 970.319.2483 or [email protected]