Yes. By default, both the intermediate files (.obj, .res, .idb, .pch & buildlog.htm) and the final files (.lib, .exp, .pdb & .dll) go into the standard Release folder.
You may have already noticed the 'Output Directory' on the top-level 'General' config properties, but that covers *all* of the final files, not just .dll.
Instead, take a look at the 'Linker/General' settings, and the 'Output File' setting. It'll generally be set up as '$(OutDir)/<DllName>.dll' - just change it to where you need it to go. Unfortunately, it's not a file browser, so you need to type the full path by hand (or copy/paste from the address bar of an explorer window).