Chicago—Interforum Holdings broke ground on Lakeside Village of Oak Brook Luxury, a newly planned rental community in Oak Brook, Ill. The community, located on Royce Boulevard, will be a four-story development housing 315 units. The $56.3 million development will be 500,000 square feet on six acres of land.
“It’s a beautiful community. We always liked Oak Brook and DuPage County. It’s very easy to work with and this is a very needed project,” Alex Zdanov, CEO of Interforum Holdings, told Multi-Housing News. “It’s a Class A property, and we don’t see many Class A rental properties in Oak Brook or DuPage County. We feel like it’s going to be a beautiful addition to the county.”
The apartments will feature quartz countertops, modern cabinetry, stainless steel appliances, a full-size washer-and-dryer unit, oversize walk-in closets and a private balcony or patio. Architect Orest Baranyk refers to the design as a “Texas Donut” that will include four stories of indoor parking in the center, surrounded by luxury living spaces.
“It’s a large building that is wrapped around a parking garage,” Baranyk told Multi-Housing News, “which allows each level of the four-story residential units to park on the same level they live on.”
Residents will have access to amenities such as a business and conference center, a swimming pool, concierge services, on-site management, a golf putting area, a bocce field, an on-site child-care facility, a fitness center, a clubhouse, a doorman, a playground, a picnic area and a dog park and dog washing station.
“There are plenty of housing opportunities in Oak Brook but a shortage of rental communities. This is a niche market in this area,” Kevin Fitzpatrick, vice president of Crest Communications, told Multi-Housing News. “There was an opportunity with this large and undeveloped parcel of land in DuPage County, so then it comes down to what will be the best use, what can we put there that doesn’t exist? This community is the answer.”
Construction on the property is slated for completion by the end of 2018, but with the building being completed in phases, some residents could move in early in 2018. Financing for the project has come from The Private Bank, Heartland Bank, Leaders Bank, West Suburban Bank, Evergreen Bank and Bradford Allen Capital.
Rents for the apartments will range from $1,700 for a one-bedroom to $2,400 for a three-bedroom.
Images courtesy of Interforum Holdings