Wingspan Development Group, a national development firm, announced the sale of Sixteen30, a Class A apartment community of 284 units it developed in Plainfield, Illinois, about 40 miles southwest of Chicago. Menomonee Falls, Wis.-based Continental Properties acquired the property, which is located at 14750 Wallin Drive and opened in August 2021. Alex Malzone, Parker Stewart and Dominic Martinez at Northmarq brokered the sale.
Sixteen30 features eight garden-style buildings with neo-farmhouse exteriors surrounding a 7,500-square-foot clubhouse with a resort-style pool. The property offers a mix of studios, one-, two- and three-bedroom units spanning 600 to 1,500 square feet. Sixteen30 was 95% occupied at the time of sale and had the highest retention rate out of Wingspan’s portfolio of actively leasing projects. Wingspan focuses on mixed-use and multifamily projects in primarily suburban locations near public transit or major commuter corridors in Illinois, Wisconsin and Florida. Excluding Sixteen30, the developer currently has more than 2,700 units in various stages of leasing and development.
“Until recently, Plainfield – like neighboring Naperville – has seen much more for-sale single-family home development than luxury rentals,” said Christopher Coleman, vice president of development for Wingspan. “But as evidenced by our strong leasing numbers, there is an undeniable demand for the lifestyle and amenities offered by Sixteen30, with interest from young professionals to empty nesters. And with up to three bedrooms available at the community, it’s also become an attractive option for families who are renters by choice.”
Chicago’s suburban apartment market has seen a steady rise in rent growth over the past few years. By fourth-quarter 2023, suburban rents were up 13.4% compared to fourth-quarter 2021, and they are expected to rise another 4% to 5% in 2024, according to data released by Integra Realty Resources earlier this year.
“This was a targeted, off-market deal in which Continental was a great fit for Sixteen30 as the firm is very familiar with Chicago’s southwest suburbs,” said Malzone. “We’re equally excited for Wingspan Development as Sixteen30 was a terrific investment for its team and we’re looking forward to seeing Continental reap the benefits of the organic growth of the Plainfield market for years to come. Over the past few decades, Continental has primarily been focused on ground-up development for multifamily communities across the country. Given the recent surge in interest rates and extremely high construction costs for new developments, Continental recently launched an opportunistic fund to solely focus on acquisitions in markets it’s looking to grow in.”
Sixteen30 is located just over a mile from the restaurants, stores and businesses of walkable, historic downtown Plainfield and only 3 miles from Interstate 55. It is also only 10 miles from Interstate 80 and Naperville, which has more than 150 shops, spas and restaurants.
