Flaherty and Collins secures approval and financing for 295 luxury apartments in Orland Park
- Feasibility study for 295 luxury apartments on a 4-acre site
- Buildings leased quickly at rents well above existing village properties
Developer Flaherty and Collins approached us to prepare a feasibility study for 295 luxury apartments on a 4-acre site in southwest suburban Orland Park, adjacent to a commuter rail station.
We analyzed the depth of the market and made recommendations on rents, unit sizes, amenities, and absorption of the apartments.
In addition, we compared the proposed development to luxury rentals in other upscale suburban, rail-served locations. With this approach, we were able to demonstrate that higher rents than those found in the immediate market area were justified.
With the support of our market study, the developer obtained village approval and funding.
The Ninety7Fifty buildings opened in 2013 and leased up quickly at rents well above those at existing properties in the village.