Wingspan, ICM Form JV for Chicago-Area Development
The partnership will fund a 284-unit project in Plainfield, Ill., branded as Sixteen|30.
Wingspan Development Group and Integrated Capital Management have formed a joint venture to develop Sixteen|30, a $60 million, 284-unit multifamily community in Plainfield, Ill. Construction has begun on the garden-style apartment community and is expected to be completed by spring 2021.
Located at 14700 Wallin Drive, the development will have a mix of studio, one-, two- and three-bedroom floorplans. Amenities will include a clubhouse, resort-style swimming pool, bocce courts, fitness and yoga center, outdoor grilling, package and grocery delivery room and a bark park for pets.
Plainfield was described by the developers as a high-barrier-to-entry submarket in the Chicago area with high demand and a scarcity of multifamily housing supply. Plainfield has a high-ranking school district, is close to multiple employment centers and is known for its overall quality of life.
Chris Coleman, Wingspan’s vice president of development, said in prepared remarks the development company typically uses syndicated equity to capitalize its projects but decided ICM was best suited to help Wingspan scale its portfolio as a single-source investor in Sixteen|30.
Robert Lindner, managing principal & co-founder of ICM, called Wingspan “an institutional quality sponsor” and expects to collaborate on future projects. He also noted ICM allocates its family office and private investment portfolio among a diverse mix of asset classes, certain domestic markets and accomplished owners and operators.
More ICM Investments
Lindner said the Plainfield transaction is ICM’s second investment in the Chicago area this year. In April, ICM partnered with Strategic Properties of North America to acquire Cityfront Place, a waterfront 39-story residential tower in downtown Chicago’s Streeterville submarket. The partners secured a $102.5 million acquisition loan to fund the purchase. The tower at 400 N. McClurg Center has 408 units and is located several blocks from Lake Michigan.
In March, ICM formed a JV with Ashland Pacific Integrated to acquire West Coast student housing. The JV, which was created to acquire and manage $150 million in assets, had already acquired an $18 million portfolio of student housing properties with a total of 84 beds near the University of Southern California campus in Los Angeles.