Multifamily Developer Shifting Focus to Chicago Suburbs

By Ioana Neamt, Associate Editor

There is no shortage of luxury apartments in Chicago’s lively multifamily market. Investors are fighting over quality available space in the bustling metro, with many developers shifting their focus towards the suburbs. Close to 2,300 units are expected for delivery in suburban Chicago over the course of 2015, with an additional 6,131 in the planning stages.

The most recent residential development to be finalized in the metro is One Arlington Apartments, an adaptive reuse project undertaken by Stoneleigh Cos. at the site of a former Hilton/Sheraton Hotel in Arlington Heights, Ill. The 214-unit luxury residential tower is located at 3400 Stonegate Blvd. and is the first phase of the Arlington Downs redevelopment project, the largest mixed-use development currently underway outside the City of Chicago. According to a news release, the $250 million masterplan will incorporate luxury apartments, premium restaurants, 80,000 square feet of retail space, as well as a Four Points by Sheraton hotel and an indoor waterpark.

One Arlington Apartments will incorporate a plethora of high-end amenities to satisfy its residents, including a music recording studio, penthouse fitness center with Yoga/Pilates room, a Sky Lounge and 5,000-square-foot rooftop Skydeck, as well as multiple entertainment options such as a golf simulator, poker table, billiards and foosball table.

Image courtesy of Stoneleigh Companies