As discussed at yesterday’s Appraisal Research Counselors luncheon and in Sunday’s Chicago Tribune, the influx of new apartments in downtown Chicago has spurred existing rental communities – some of which are only five or six years old – to undergo renovations in order to stay competitive in the market. The Tribune story includes two Taylor Johnson clients that fall into this category: Atwater Apartments, which opened in 2009 and recently announced a four-year renovation project, and Waterton’s Presidential Towers, which is wrapping up a top-to-bottom renovation that has helped put the landmark community back on the map as one of Chicago’s premier rental properties. You can read the full Tribune story here.

Atwater is working on renovating 110 of its 480 units in 2015, as well as the community’s common areas.