CHICAGO—Institutional investors have a tremendous appetite for top-flight multifamily developments, especially in areas with limited new supply. And Kiser Institutional Group, a Chicago-based firm specializing multifamily properties throughout the Midwest, recently began shopping around the Highlands of Lombard, a planned luxury apartment development at 2700 S. Highland Ave., across from the Yorktown Center shopping mall, in west suburban Lombard.

“These 181 units are going to be of condo quality,” Susan Tjarksen, principal and managing broker of KIG, tells GlobeSt.com. Lombard-based Glenstar Properties LLC will develop the five-story community and plans to break ground in late spring. “It's for those that may live along the I-88 corridor for its high-paying jobs, but want an apartment with downtown finishes.”

The development will offer a mix of studios and one- and two-bedroom apartments that 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 development will also feature an outdoor pool and sundeck; a spacious club room with a chef's kitchen and bar; and a state-of-the-art fitness center.