Interforum Prepares to Develop Suburban Chicago Apartments
- Jan 19, 2017
Oak Brook, Ill.—Work is nearly under way on Lakeside Village of Oak Brook, a 315-unit apartment property on six acres off of Royce Boulevard in Oak Brook, Ill. Developer Interforum Holdings has tapped McShane Construction Co. to build the community.
The property will consist of 40 one-, 263 two- and 12 three-bedroom units. Each unit will feature quartz countertops, stainless steel appliances, in-unit washers and dryers, walk-in closets and a private balcony or patio. Common amenities will include a fitness center, business center, swimming pool, playground, dog park and dog washing station. On-site management and concierge services will also be available.
The four-story development will feature an urban “Texas doughnut” design, which means that the residential component will be constructed around a central core parking garage that allows residents to live and park on the same level. It also eliminates the visibility of the parking structure.
Baranyk Associates is providing the architectural services for the project. Construction will be completed in phases with move-ins beginning in early 2018, with the entire development completed late in the same year.
Oak Brook is a western suburb of Chicago. According to Marcus & Millichap, the suburbs will face similar challenges as development ramps up outside the core, albeit at a lower intensity as in Chicago itself.
Even so, “suburban vacancy will remain on the decline as robust apartment demand outstrips new deliveries,” the company’s 4Q Chicago-area multifamily report noted. “Falling vacancy coupled with the surge of high-end construction hitting the market will enable another year of healthy rent growth throughout Chicagoland.”