CHICAGO—The current apartment boom underway in many regions, including Chicagoland, has had some unfortunate effects. For one thing, developers have largely poured their dollars into luxury apartments, mostly near CBDs or in affluent suburbs. And that means the supply of solid, working class housing is not significantly expanding.
“This is happening in a lot of markets across the country,” Gregory Lozinak, chief executive officer of Monument Capital Management, tells GlobeSt.com. But this development trend also creates opportunities for investors and operators that cater to the big pool of middle-income or working-class renters who, although they can't afford top-dollar homes, still want quality apartments.
Lozinak's company is dedicated to meeting that demand. As reported in GlobeSt.com, the Miami-based division of AROD CORP, just expanded its footprint into the state of IL by acquiring the Residences at 1550, a 509-unit apartment community located in suburban Mt. Prospect, about one hour outside Chicago. The purchase price was not disclosed, but county property records show the new owner paid $68 million.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
