Kiser Institutional Group,Chicago’s leading commercial real estate brokerage firm specializing in institutional multifamily properties throughout the Midwest, has been retained for the forward sale of Highlands of Lombard, a planned 181-unit luxury apartment development at 2700 S. Highland Ave., across from the Yorktown Center shopping mall, in west suburban Lombard, Ill.Scheduled to break ground in late spring 2015, the five-story community, which is being developed by Lombard, Ill.-based Glenstar Properties LLC and marketed without an asking price, will offer a mix of studios and one- and two-bedroom apartments. It will also feature a full suite of amenities, including an outdoor pool and sundeck; a spacious club room with a chef’s kitchen and bar; and a state-of-the-art fitness center.
“The Highlands of Lombard offers investors a rare opportunity to purchase the newest multifamily product in the I-88 corridor,” said Susan Tjarksen, principal and managing broker of KIG. “This community will command top-of-the-market rents within the submarket and appeal to a diverse mix of renters who have limited new-construction options to choose from in the area.”
Apartments at Highlands of Lombard will include wide-plank wood flooring throughout all living areas; gourmet kitchens with stainless steel appliances, stone countertops, and high-gloss cabinetry; and in-unit washers and dryers. Each unit will also feature a spacious outdoor terrace or balcony.
“The Highlands of Lombard fills a void in the market by offering upscale rental housing in a commuter-friendly location, which makes it especially attractive from an investment standpoint,” said Todd Stofflet, managing partner of KIG, the listing agent. “Many young professionals want to live close to work without giving up the financial flexibility and amenities offered by communities like Highlands of Lombard. These luxury rental buildings also appeal to empty-nesters and retirees looking to downsize and reduce their maintenance responsibilities.”
As the second largest employment center outside of downtown Chicago, the I-88 corridor is home to a number of Fortune 500 companies, including McDonald’s Corp., Navistar International Corp., Dover Corp. and Ingredion Inc. Other notable businesses in the area include Tree House Foods Inc., Hub Group, SAP America, and Ace Hardware Corp.
In addition to offering convenient access to some of the area’s largest employers, Highlands of Lombard is close to popular shopping, dining and entertainment destinations in Lombard and surrounding suburbs. Adjacent to the property is the Yorktown Center shopping mall, which boasts 150 stores, nearly 20 restaurants and two movie theaters, while Oakbrook Center, one of the region’s largest shopping malls, is less than five miles away.
Highlands of Lombard is also a short drive from several nearby parks and recreational attractions, including the Hidden Lake County Forest Preserve, which features two lakes and more than two miles of hiking trails, and the Morton Arboretum, located about four miles southwest of the property in Lisle.
Rosemont, Ill.-based McShane Construction is the general contractor for the development, while Chicago-based Stephen Rankin Associates is the project architect.
About Kiser Institutional Group:
Kiser Institutional Group is a Chicago-based woman owned commercial real estate brokerage and development consulting firm specializing in institutional multifamily properties throughout the Midwest. KIG works with institutional owners and investors on the acquisition and disposition of large multifamily properties and portfolios, as well as consulting with developers of multifamily projects, both apartment and condominium. Kiser Institutional Group utilizes dynamic market intelligence created for a wider group of multifamily decision makers, resulting in a more transparent and profitable process. Wielding expert, in-depth multifamily knowledge and an unparalleled track record in transactions, KIG has assembled a forward-thinking team to interpret and deliver data-driven intelligence to today’s institutional investor.
Kiser Institutional Group has been retained for the forward sale of Highlands of Lombard, a planned 181-unit luxury apartment development at 2700 S. Highland Ave., across from the Yorktown Center shopping mall, in west suburban Lombard, Ill.