Dec
02

New Chicago Apartments Planned for Northbrook

December 02, 2012

new chicago apartmnents in northbrookNew apartment complexes have been popping up in the Gold Coast, Uptown and Old Town neighborhoods, but now investors are taking more of an interest in the suburbs.

Chicago based Morningside Group and Schaumburg based Crossroads Development Partners LLC are planning to build 416 high-end apartments and 107,000 square feet of retail space in Northbrook. The project will be located at the northwest corner of Dundee Road and Skokie Boulevard, and is known as “Northshore 770.” The 10-story complex will include upscale grocer Mariano’s Fresh Market, but the other retail establishments have yet to be revealed.

Morningside Group recently completed a 60 unit condo project in Des Plaines, and they have started construction on a 306 unit apartment development in Wheaton.

San Francisco based Friedkin Realty Group has also taken an interest in the Chicago suburbs, they recently purchased The Berkshires, a 264 unit complex in Glen Ellyn. Friedkin Realty has spent $182 million on five other suburban Chicago properties since 2008.

Currently, more than 1,600 apartment units are under construction in the suburbs, the largest increase in nearly a decade. There hasn’t been very much interest in suburban multifamily rentals in the past few years, but rental prices are expected to increase in 2013, which is leading to more investor activity.

Do you currently rent a new Chicago apartment in the suburbs?

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