Developer Changes Blueprints Amid Strong Demand
Demand for luxury rentals at one property is high, so the developer is giving the people what they want.
By Andie Lowenstein, Associate Editor
Chicago—Demand for luxury rentals at one property is high, so the developer is giving the people what they want.
Chicago-based REVA Development Partners is expanding original plans to build a second phase for The Oaks of Vernon Hills, a 304-unit rental community in Vernon Hills facing strong demand. The second phase will include an additional 32-unit building to be completed in early 2016. Final construction of phase one of the 27-acre development, which launched in late 2013, is scheduled for completion in early September 2015. Three model units are currently available for viewing. Leasing and property management is being handled by Kinzie Real Estate Group.
Situated along Route 45, just west of Milwaukee Avenue, The Oaks of Vernon Hills is built in a peaceful setting among mature Oak trees. Phase one, which is almost 70 percent leased, includes eight three-story apartment buildings and 48 rowhomes arranged in a series of pocket communities. The 256 apartment flats feature one-bed/one-bath, some which include a den, and two-bed/two-bath plans ranging from 696 to 1,212 square feet. Each garden-style building has an elevator and includes attached garages. The rowhomes, ranging from 1,487 to 1,800 square feet, offer two or three bedrooms with two-and-a-half baths and an attached two-car garage. Rents vary from less than $1,400 for apartment flats to $2,700 for rowhomes.
“Many of our residences were pre-leased even before construction was complete. In particular, the rowhomes, which are rare in the suburban luxury rental market, have seen an extremely high level of interest from renters and are currently all leased with a waiting list,” said Matt Nix, principal of REVA Development Partners. “We still have one- and two-bedroom units with rents starting below $1,400 a month. However, with the strong market response we don’t anticipate those will be available for long. It’s been a very busy spring and summer leasing season.”
Recently opened models display the numerous available floor plans at The Oaks, including a one-bed, one-bath apartment; a two-bed, two-bath apartment; and a two-bed, two-and-a-half-bath plus den rowhome.
“Our decorated models are now available for potential residents to tour. The models highlight the open layout of each unit and show off the different finish packages available to renters,” said Nix. “The Oaks’ high-end finishes, flexible layouts and upscale amenities have been extremely popular among empty-nesters and young professionals.”
Unit interior finishes feature 9-foot ceilings, granite countertops, stainless steel appliances, contemporary flooring and in-unit washers and dryers. The Oaks is working to achieve a LEED Silver certification by means of conscientious building design and construction.
Residents have access to a full suite of amenities designed to enhance and complement their lifestyles, including a clubhouse with a catering kitchen, outdoor swimming pool with sundeck and fire pit, theater/gaming room, state-of-the-art fitness center and full-time, on-site management and maintenance staff.
“The Oaks is a very social community and the clubhouse has become the heart of that activity, with year-round gatherings that include monthly happy hours on the pool deck, painting parties, and a summer movie in the park,” said Nix.
The community’s outdoor grilling stations and on-site bocce ball court offer additional opportunities for residents to socialize and connect with each other. The Oaks will also highlight a dog park with monthly “Yappy Hours,” held the first Saturday of each month.
“We know that pet amenities are an important consideration for renters in a lifestyle community like The Oaks,” said Venziano. “We wanted to go beyond just allotting space for a dog park and provide a place for our residents, both two-legged and four-legged, to get out and get to know their neighbors.”
The community benefits greatly from its easily accessible location within a mile of the Vernon Hills and Prairie View Metra stations, and proximity to I-294 and Milwaukee Avenue. The Oaks is within minutes from popular entertainment and dining destinations at Westfield Hawthorn shopping center, and a short drive from the award-winning Adlai E. Stevenson High School District 125 and several other quality schools part of the Lincolnshire-Prairie View District 103.