HUD lender achieves approval for a Class A apartment complex in Elgin, IL
- Watermark at the Grove is the largest complex to be developed in Elgin in decades
- Study delivered in HUD’s required format
Requirement
We prepared the market study for a new apartment development in the northwest suburbs of Chicago for Draper and Kramer, the HUD lender for the development. This Class A complex would be the largest to be developed in the city in decades and would have the highest level of amenities in the market.
Approach
Working in HUD’s required format, we provided recommendations to the developer and lender regarding rents and unit sizes to enhance marketability.
Results
The development was approved and is currently under construction.
