CHICAGO—Institutional investors have a tremendous appetite for top-flight multifamily developments, especially in areas with limited new supply. And Kiser Institutional Group, a Chicago-based firm specializing multifamily properties throughout the Midwest, recently began shopping around the Highlands of Lombard, a planned luxury apartment development at 2700 S. Highland Ave., across from the Yorktown Center shopping mall, in west suburban Lombard.
“These 181 units are going to be of condo quality,” Susan Tjarksen, principal and managing broker of KIG, tells GlobeSt.com. Lombard-based Glenstar Properties LLC will develop the five-story community and plans to break ground in late spring. “It's for those that may live along the I-88 corridor for its high-paying jobs, but want an apartment with downtown finishes.”
The development will offer a mix of studios and one- and two-bedroom apartments that include wide-plank wood flooring throughout all living areas; gourmet kitchens with stainless steel appliances, stone countertops, and high-gloss cabinetry; and in-unit washers and dryers. Each unit will also feature a spacious outdoor terrace or balcony. The development will also feature an outdoor pool and sundeck; a spacious club room with a chef's kitchen and bar; and a state-of-the-art fitness center.
Rosemont, IL-based McShane Construction is the general contractor for the development, while Chicago-based Stephen Rankin Associates is the project architect.
“There isn't a lot of new construction in this submarket,” Tjarksen adds, and this offering will give “investors a rare opportunity to purchase the newest multifamily product in the I-88 corridor.”
The I-88 corridor hosts a number of Fortune 500 companies, including McDonald's Corp., Navistar International Corp., Dover Corp. and Ingredion Inc. Other notable businesses in the area include Tree House Foods Inc., Hub Group, SAP America, and Ace Hardware Corp.
“Many young professionals want to live close to work without giving up the financial flexibility and amenities offered by communities like Highlands of Lombard,” says Todd Stofflet, managing partner of KIG. “These luxury rental buildings also appeal to empty-nesters and retirees looking to downsize and reduce their maintenance responsibilities.”
“We've gotten very positive feedback from institutional investors,” says Tjarksen, who is currently jetting around the country gauging interest in Highlands. “The response has been overwhelming.”
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
