RMK Completes First Phase of Rehab Project in Chicago Suburb
- Jun 23, 2008
By Erika Schnitzer, Associate EditorSchaumburg, Ill.–The opening of the new clubhouse at Versailles on the Lakes marks the completion of the first phase of RMK Management Corp.’s $11.5 million rehabilitation of the property.”We wanted to start out with the clubhouse, rather than anything else, since this is the most important thing to the residents,” explains Tony Rossi, president of RMK Management Corp. The rehab for the clubhouse cost $2 million.Located in Schaumburg, a suburb of northwestern Chicago known for its strong office market, the 618-unit, 12-building Versailles on the Lakes was built in two phases in 1970 and 1974. The new two-story clubhouse replaces an old single-story amenities space that had been updated in previous years.The 6,700-sq.-ft. clubhouse includes a cyber café with free coffee, a media room with theater seating, business center, conference room, a fitness center that overlooks a children’s play area. In addition, RMK will be bringing in local guest chefs and provide cooking classes for residents in the clubhouse’s demonstration kitchen. “We’ve taken it from the 1970s to the early 2000s,” says Rossi. The exterior of the clubhouse echoes the architectural style of the rest of the development, while its interior has a more contemporary feel, with glass tile and modern colors, notes Rossi. Additionally, the rehabilitation of the community includes updating the halls and entryways, and RMK has recently begun working on the units to include new stainless steel appliances, granite countertops and hardwood floors in the kitchens. Most units, with the exception of the studios and efficiency apartments, will have washers and dryers installed within them as well.RMK expects the project to take between two-and-a-half to three-years to complete. “We are rehabbing the units as they turn over,” explains Rossi.Versailles on the Lakes offers one- and two-bedroom units, and monthly rents range from $820 to $1,550. All units include large patios or terraces, central heat and air and marble countertops in the bathrooms.