Continental Properties’ residential development in South Elgin is geared toward an ephemeral population that chooses to rent.
The Wisconsin-based developer, headed by CEO James Schloemer, has started construction on Authentix South Elgin, a 336-unit apartment complex at 1300 North Lancaster Road, the Chicago Tribune reported.
The garden-style complex will offer studio, one-, two-, and three-bedroom units, with rents expected to range from $1,300 to $2,450. It is likely to attract renters who aren’t looking to buy homes in the near term but are instead seeking convenient, short-term options, Village President Steve Ward said.
Apartments are in demand in the suburb west of Chicago, South Elgin Community Development Director Nancy Hill said.
“We think the market is strong for these types of projects,” she said. “Residential development like this helps support South Elgin’s local grocery stores, big box retailers and restaurants, which in turn helps the village make improvements to our roads, parks and other infrastructure.”
The complex will include a pool, fitness center and a dog park with a pet spa. Pre-leasing is set to begin next spring with some units ready for move-in by the late summer.
Continental’s previous project the Springs at South Elgin has been a success since its completion nearly six years ago, and that’s what inspired the developer to invest more here, Continental spokesperson Gazelle Liss said.
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The suburban Chicago apartment market is thriving, with investment sales in suburban areas outperforming those in the urban core due to high demand and a more predictable property tax environment. RentCafe ranked suburban Chicago and Miami as the top multifamily markets in the country, driven by strong rental demand and limited supply. Despite high interest rates and construction costs, suburban areas continue to attract investors, with recent sales indicating a willingness to pay premium prices for multifamily assets.
— Andrew Terrell