Oct
07

Chicago Suburban Apartment Market Growing

October 07, 2012

chicago suburban constructionA Hinsdale developer is planning on adding more apartments to the Chicago real estate market.  Local developer JSQ Commercial has partnered with Indianapolis-based Watermark Residential and is planning construction for two projects in the Chicago area.

JSQ plans on building the apartments in wealthier, more residential suburbs that don’t usually approve apartment building permits. No definite location has been set to date, though JSQ owns office and industrial properties in St. Charles, Westmont and Buffalo Grove.

A lot of apartment building has been taking place in suburban Chicago, along with an uptick in condo development downtown. Currently more than 1,600 apartment units are under construction in the suburbs, and this is the highest increase in almost a decade. In recent years, the Chicago suburbs have become less resistant to multifamily housing.

Ultimately, JSQ plans to build 2,000 apartments in suburbs across the country by the end of 2014. The cost of the project is estimated at $160 million.

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