JV Starts Work on Chicago-Area BTR Community
The project is part of a $300 million investment fund.
A joint venture between Peakline Real Estate Funds and Lincoln Property Co. has broken ground on The Claire, a 90-unit build-to-rent townhome community located in Naperville, Ill., a suburb of Chicago.
The eight-acre community will comprise 34 two-story townhouses and 56 three-story rowhomes, with the first residents expected to move in by the second quarter of 2026. Homes will include attached two-car garages and private porches.
The Claire is the second project in Peakline’s $300 million Build to Rent Fund I, which aims to develop or acquire 7 to 10 properties over seven years. FNBO is providing construction financing for the project.
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Kinzie Builders is serving as the general contractor, BSB is working as both the design and landscape architect, and V3 Companies providing civil engineering. RPM Living will serve as the property management firm.
Located at 55445 Tuthill Road, The Claire is about 2 miles from downtown Naperville and some 29 miles west of downtown Chicago. The property is within a 5-minute drive of Interstate 88.
BTR activity in Chicago
Chicago had 947 BTR homes across six properties in active development as of December, according to Yardi Matrix. An additional 660 units across six properties were in the planning and permitting stages.
Rents in Chicago’s BTR sector led the nation as of July, the same source shows, with average advertised asking rents rising 5.9 percent to $2,508. The national average was up 0.4 percent in the same period, to $2,205.
Another BTR community in Chicago to break ground this year was VennPoint Real Estate’s Park5, which will bring 144 units to Deerfield, Ill. The developer secured a $55 million financing package from Bank OZK in March.
