(To read more on the multifamily market, click here.)

CHICAGO-With city officials helping move a 1.2-acre site into the developer's hands, Hinsdale builder James McNaughton is ready to move on to the second phase of McKinley Park Manor. The developer built 20 townhouses as well as 16 single-family homes on 2.3 acres in the 1700 block of W. 38th St., bringing new housing to a neighborhood that had not seen any in about 50 years.

McNaughton plans to build another eight townhouses, averaging about 2,000 sf, as well as eight 2,200-sf single-family homes at 1716 W. Pershing Rd. The builder will pay the appraised value of $850,000 for the property, now owned by the US Government Services Agency after it was confiscated about 20 years ago.

The city will serve as a conduit for the sale from the US government to McNaughton. The deal was endorsed by the plan commission and is expected to be passed by the city council.