Following its 2013 acquisition of Sunset Village, Glenview MHC LLC (Glenview MHC), a joint venture between three Chicago-based real estate firms – The Wolcott Group LLC, JDI Realty LLC and Ravinia Communities LLC – announced its $9.0 million capital improvement campaign at the manufactured home community, located at 2450 Waukegan Road in Glenview, is underway.
Over the next several months, Glenview MHC will replace the property’s water and sewer infrastructure, install all new roads, upgrade the community’s street lights and add new concrete pads to facilitate additional homes. The community’s residents will soon connect to the Village of Glenview’s water system thus abandoning the existing well water system that was plagued with service issues for years. Completion is slated for late 2015.
The recent undertaking comes on the heels of several improvements Glenview MHC made to the property in 2014 including a comprehensive rehab of the community clubhouse and the addition of a brand new fitness center. Landscaping improvements along Waukegan Road were also made.
Once the infrastructure project is complete, ownership plans to add up to 170 brand new, modern homes to the community – approximately 50% of total occupancy.
Built in 1951, Sunset Village is a 352-unit manufactured home community located in the heart of Glenview, IL. The 30-acre site offers affordable homes in Chicago’s affluent North Shore and presents homeowners the ability to live in an area that may otherwise not be an option. Typical homes range from 1,000 square feet to 1,350 square feet and are available for less than a traditional home – often times less than half the cost. It is managed by Ravinia Communities LLC.
Since the acquisition, occupancy has increased from 145 units to its current level of approximately 190.
The joint venture has been an active manufactured housing community buyer throughout the United States in recent years. In addition to Sunset Village, its current manufactured home portfolio includes communities in Milwaukee, WI; Columbus, OH; St. Louis, MO and Louisville, KY.