NEW YORK--(BUSINESS WIRE)--
Deutsche Asset & Wealth Management’s (DeAWM) real estate investment
business today announced that it has acquired 2555 North Clark, Chicago
on behalf of an institutional client.
The 19-story apartment tower comprises 162 units which are 96% occupied,
and 6,884 square feet of fully-let retail space.
The property, four miles north of downtown Chicago, is located in the
Lincoln Park neighborhood on Clark Street, well-known for its numerous
up-market restaurants, boutiques and nightlife, and with close proximity
to Lake Michigan. The building has undergone extensive exterior
renovations since it was built in 1987.
“We are pleased to add this core investment to our client’s portfolio.
2555 North Clark is a well-designed, multifamily asset located in a
vibrant submarket in Chicago that is currently underserved with rental
housing units. We believe this fact combined with an active asset
management strategy will allow us to deliver above-average total returns
and hold strong long term value for our client," said Todd Henderson,
Head of Real Estate, Americas, at Deutsche Asset & Wealth Management.
Deutsche Asset & Wealth Management – Real Estate
Deutsche Asset & Wealth Management’s real estate investment business
(formerly RREEF Real Estate) has been investing in real estate assets
for more than 40 years. As part of the Alternatives and Real Assets
platform, this business today has more than 450 employees around the
world and US$47.3 /€34.9 billion1 in assets under management
as of September 30, 2013, 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 securities, real estate
debt and opportunistic real estate. The real estate investment business
employs a disciplined investment approach and aims to deliver superior
long-term risk adjusted returns, preservation of capital and
diversification to its investors, which include governments,
corporations, insurance companies, endowments, retirement plans, and
private clients worldwide. To learn more about Deutsche Asset & Wealth
Management's real estate investment capabilities, go to www.rreef.com.
¹ Excludes infrastructure securities assets under management, which were
previously reported under the RREEF Real Estate business.
Deutsche Asset & Wealth Management
With $1.28 trillion of assets under management (as of December 31,
2013), Deutsche Asset & Wealth Management¹ is one of the world's leading
investment organizations. Deutsche Asset & Wealth Management offers
individuals and institutions traditional and alternative investments
across all major asset classes. It also provides tailored wealth
management solutions and private banking services to high-net-worth
individuals and family offices.
¹ Deutsche Asset & Wealth Management is the brand name of the Asset &
Wealth Management division of the Deutsche Bank Group. The legal
entities offering products or services under the Deutsche Asset & Wealth
Management brand are listed in contracts, sales materials and other
product information documents.
Deutsche Bank AG
Press & Media Relations
Source: Deutsche Asset & Wealth Management