"First and foremost, the location can't be beat, with views of the lake in an extremely affluent demographic area," Strosberg tells GlobeSt.com. "The property is perfectly suited for a complete renovation and repositioning of the property. There's lots of room for upside, and our goal is to create a property that attracts significantly higher rents."

Renovations are expected to begin next month, with the first new units delivering this fall and work continuing on other units in phases over the next three years. The four-story elevator buildings will undergo a three-phase renovation, with work including a new facade, roof, siding, landscaping, parking, fencing, outdoor lighting, doors, carpeting, cabinetry, windows, and individually controlled heat and central air conditioning. The final touch will be updated finishes, including granite countertops in the kitchens and baths and black Frigidaire appliances.

"For years, this property was regarded as somewhat run down, and at the end of this process, the building will have a brand new appearance," Strosberg says. "Our plan is to take advantage of the great location and the quality of the buildings' skin and bones. It's a very sturdy building, but it's nearly 40 years old and the systems in the building are at the end of their useful life, so we'll replace the finishes and systems so that these buildings will have new life."

Units range from one to three bedrooms, with an average size of 820 square feet, average rental rates around $940 and occupancy rates around 90% historically. Following the redevelopment, Strosberg expects to increase rents about 15%, or around $140 for the average unit. "There's really no larger rental complexes like this, that are walking distance to downtown Highwood and two Metra stations, and offer a lot of amenities that typical suburban complexes can't provide," Strosberg says.