Kinzie Builders has completed construction on Elm Street Place, a two-building, seven-unit rental townhome development in Deerfield, Illinois. Both buildings are fully occupied, and the developer, Elm Street Place, LLC, has put the property on the market for $4.97 million.
Situated near the Chicago suburb’s central shopping, entertainment and dining area, the seven townhomes are located a short walk from the Metra commuter train station and in proximity to the Route 41 and I-94 transit corridors.
“This was a project that had immense appeal because it really struck a chord with today’s renters by offering them the space of a single-family home with an easy, maintenance-free lifestyle, all within a great suburban downtown location,” said Steve Spinell, principal of Kinzie Builders, general contractor and developer of Elm Street Place. “The fact that these two buildings were fully leased before we finished construction and are already fully occupied speaks to the high demand for rental homes with this type of quality construction, upscale finish package and prime location.”
The three-story homes feature a lower level with a multi-purpose room, storage and access to a two-car garage; a main level open-concept layout with a kitchen, dining area, living room, powder room and access to a deck for private outdoor space; and an upper level with two or three bedrooms, two full baths and a laundry room. Each townhome has a driveway that can accommodate parking for two additional cars.
Kitchens include large center islands seating up to four, granite or quartz countertops, stainless-steel appliances and 42-inch upper cabinets. Primary baths include quartz countertops, double sinks and frameless glass showers. Each level features 9-foot ceilings, oak floors and ample windows that maximize natural light. Monthly rents for townhomes at Elm Street Place range from $3,995 to $4,373.
“Interest in suburban apartments was on the rise even before the pandemic and is expected to remain high well after its impacts subside,” said Spinell. “The combination of the homes themselves and the development’s central location in one of the Chicago area’s most sought-after suburbs puts Elm Street Place in an excellent long-term position as a multifamily asset.”