Chicago, IL Real Estate News Rental Market

The 2016 Collection of Chicagoland Apartments is Here and Larger Than Ever

For the past few years, the ongoing construction in Chicago has been seemingly endless. Even the saying “there are two seasons in Chicago: winter and construction,” doesn’t feel fitting anymore, as the cranes have been permanent fixtures year round, all over town. But fortunately, some of the cranes have finally gone away in 2016, as quite a few large developments have been completed and have officially opened up the doors to over 9,400 brand new apartments in Chicagoland last year, according to Yardi Matrix.

The new rentals are part of large-scale developments of 50 or more units, and they are almost 60% more than the 5,900 completed in 2015 in the Chicago area. Though most of the largest apartment projects are in or near downtown Chicago, 3 of the 10 largest developments are located in the suburbs: Oaks of Vernon Hills in Vernon Hills, IL (336 rental units), NorthShore 770 in Northbrook, IL (347 rental units), and 500 Station Blvd in Aurora, IL (417 rental units). Whether these gorgeous properties will fill up quickly remains to be seen, but one thing we can say with certainty – there isn’t a lack of world-class amenities, unique features, and high-end finishes.

Now you can take a tour of the biggest and most spectacular rental developments completed in Chicagoland in 2016 right here:

#10. NEXT in Chicago: 310 rental units

NEXT in Chicago: 310 rental units 2016

Address: 347 West Chestnut Street, Chicago, IL 60610
Rental types: 26 studios, 217 one-bedroom apartments, 63 two-bedroom apartments, 4 three-bedroom apartments
Property size: 28-story building, includes retail
Short description: Green Building – LEED – Proposed
Located on the Near North Side, in a hot neighborhood, close to Michigan Avenue shopping, dining and lakefront fun, NEXT offers a great mix of work, live and play features, such as business center, conference room, and presentation screen, rooftop-pool, bicycle storage, “kitchen” with supplies, tools, and air pump, and ultra-luxurious interior finishes.
Photo credits: NEXT Official Website, Yardi Matrix

#9. Oaks of Vernon Hills in Vernon Hills: 336 rental units

Oaks of Vernon Hills in Vernon Hills Largest Developments 2016

Address: 103 Oak Leaf Lane, Vernon Hills, IL 60061
Rental types: 198 one-bedroom apartments, 120 two-bedroom apartments, 18 three-bedroom apartments
Property size: 2 and 1,5 and 3-story buildings, first floor includes parking
Short description: This new LEED – Proposed Certified Silver rental community in Vernon Hills offers high-end amenities in a warm and inviting resort-style atmosphere. Located in Lake County, just north of Half Day Road, the property is close to rustic nature paths, perfect for those looking for a quiet, but upscale suburban setting.
Photo credits: Point2Homes, Yardi Matrix

#8. NorthShore 770 in Northbrook: 347 rental units

NorthShore 770 in Northbrook Largest Developments 2016

Address: 770 Skokie Blvd, Northbrook, IL 60062
Rental types: 149 one-bedroom apartments, 198 two-bedroom apartments
Property size: 7 and 8-story buildings, over parking
Short description: Northshore 770 is the newest upscale apartment community on the North Shore, with easy access to the highway and downtown Chicago, and close to premier Northbrook shopping and dining. The property offers high-end amenities such as a doorman and concierge service, putting green and bocce ball court, a private outdoor terrace, top-notch finishes, and 9-foot ceilings.
Photo credits: RENTCafe

#7. 1001 South State in Chicago: 397 rental units

1001 South State in Chicago Largest Developments 2016

Address: 1001 South State Street, Chicago, IL 60605
Rental types: 124 studios, 192 one-bedroom apartments, 74 two-bedroom apartments, 7 three-bedroom apartments
Property size: 37-story building, over retail and parking
Short description: Green Building – LEED – Proposed
This new 37-story luxury apartment building in the South Loop offers its residents some unique amenities, such as a Makerspace workspace with special equipment, including a CNC milling machine and a 3D laser printer, as well as more leisurely amenities such as a rooftop lounge with wonderful views of Lake Michigan and the Chicago skyline.
Photo credits: 1001 South State Official Website, Yardi Matrix

#6. MILA in Chicago: 402 rental units

Camdem Living Charlotte Largest Developments 2016

Address: 201 North Garland Court, Chicago, IL 60601
Rental types: 68 studios, 266 one-bedroom apartments, 68 two-bedroom apartments
Property size: 40-story building, two floors include retail
Short description: Green Building – LEED – Certified Silver
Outdoor fire pits, multiple sun decks, resident lounges, bike storage, a fitness center, bocce ball court, pet groomer, dog obstacle course, and rooftop swimming pool, concierge, and valet services are just a few of the benefits of living at the luxurious, LEED-certified MILA, in downtown Chicago. Rents here range from the $1,800’s to the $4,500’s.
Photo credits: MILA Official Website, Yardi Matrix

#5. 500 Station Blvd in Aurora: 417 rental units

500 Station Blvd in Aurora Largest Developments 2016

Address: 675 Station Blvd, Aurora, IL 60504
Rental types: 189 one-bedroom apartments, 180 two-bedroom apartments, 48 three-bedroom apartments
Property size: 4 and 5 -story buildings, first floor includes parking
Short description: Situated on the East side of Aurora, near Naperville, close to public transit, 500 Station Blvd. is the first new large apartment development to open in Aurora in years. The property is ideally located in close proximity to premier suburban shopping and dining, and also within a short drive of Wildflower Park and the Springbrook Prairie Forest Preserve.
Photo credits: 500 Station Blvd Official Website

#4. 1000 South Clark in Chicago: 469 rental units

1000 South Clark in Chicago Largest Developments 2016

Address: 1000 South Clark Street, Chicago, IL 60605
Rental types: 48 studios, 332 one-bedroom apartments, 76 two-bedroom apartments, 13 three-bedroom apartments
Property size: 28-story building, first floor includes retail
Short description: Panoramic views, pet park, and state-of-the-art sports facilities such as an outdoor running track, racquetball and basketball courts, private golf lounge with hi-def simulator and putting green are just a few of the amenities this new apartment property in the South Loop has to offer.
Photo credits: 1000 South Clark Official Website, Yardi Matrix

#3. Moment in Chicago: 490 rental units

Moment in Chicago Largest Developments 2016

Address: 545 North McClurg Court, Chicago, IL 60611
Rental types: 57 studios, 329 one-bedroom apartments, 99 two-bedroom apartments, 5 three-bedroom apartments
Property size:  45-story building, first floor includes office and retail
Short description: Green Building – LEED – Proposed Certified Silver
Located in Chicago’s Streeterville neighborhood, Moment is a luxury rental building designed to LEED Silver standards. The newly-opened 490-apartment building offers its residents a host of amenities, including a rooftop pool and lounge with panoramic city and lake views.
Photo credits: Moment Official Website, Yardi Matrix

#2. Wolf Point West in Chicago: 509 rental units

Wolf Point West in Chicago Largest Developments 2016

Address: 343 West Wolf Point Plaza, Chicago, IL 60654
Rental types: 46 studios, 417 one-bedroom apartments, 28 two-bedroom apartments, 18 penthouse apartments
Property size: 48-story building
Short description: Green Building – LEED – Certified Silver
Wolf Point West is a 485-foot apartment high-rise designed by Chicago’s bKL Architecture, the first of a trio of skyscrapers planned for this unique riverfront site.  Thanks to its location and floor-to-ceiling windows, residents at Wolf Point West can enjoy expansive views in every direction. Prices start in the $1,800’s for studio apartments and up to the $9,000’s for 3-bedroom penthouse apartments.
Photo credits: RENTCafe

#1. Marquee at Block 37 in Chicago: 690 rental units

Marquee at Block 37 in Chicago Largest Developments 2016

Address: 25 West Randolph Street, Chicago, IL 60601
Rental types: 135 studios, 426 one-bedroom apartments, 117 two-bedroom apartments, 12 three-bedroom apartments
Property size: 38-story building, first four floors include retail
Short description: Green Building – LEED – Proposed
Located in a highly walkable location on Randolph and State, Marquee at Block 37 was the largest apartment development to open in 2016, with a whopping 690 rental units. The property caters to those interested to live at a premier address in the heart of the Loop, in close proximity to work, State Street shopping, dining, entertainment, and public transportation, offering an exceptional set of high-end amenities, among which are its multiple outdoor deck spaces with amazing city views.
Photo credits: Point2Homes, Yardi Matrix

Property data provided by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. For more information, visit https://www.yardimatrix.com/.

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About the author

Nadia Balint

Nadia Balint is an online content developer and creative writer for RENTCafe. She loves writing and reading about real estate, lifestyle and travel. She finds joy and inspiration in the little things in life. You can get in touch with Nadia via email: nadia.balint@yardi.com.

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