THE RESIDENCES AT HAMILTON LAKES NEW MULTIFAMILY DEVELOPMENT • RENOWNED HAMILTON LAKES BUSINESS PARK • SUBURBAN CHICAGO • 297 LUXURY UNITS • HAMILTON PARTNERS 300 Park Blvd Itasca, IL 60143 MARK HAMILTON RON LUNT Phone: 630.697.0200 Phone: 630.250.9700 Email:
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[email protected] CENTRAL LOCATION RENTAL MARKET OVERVIEW CONCLUSION Fox Lake 94 From 1990 to 1999 there was parity in the rent/own equation, loan45 requirements were stricter,Waukegan and there was a lower availability of for-sale housing stock as compared to today. During thisRound time, Lake rents forGrayslake luxury apartments enjoyedGurnee a 3.6% average yearly growth rate. The softening of apartment fundamentals from 2001 to 2005 was a disruption of this long-term, steady120 positive growth trend in multifamily in Chicago. 120 North Chicago When the apartment market returned from 2005 to 2007, it was in the following21 context: 137 • Single-family housing prices soared, due largely to25 historically MILES lax underwriting standards and low interest rates, and removed any economic Lake Bluff advantage5831 of home ownership. Libertyville 176 176 Wauconda • Home ownership rates stabilized well above sustainable levels. Even with recent drops, home ownership rates are 3% to 4% above the 43 historical mean. Mundelein Lake Forest LAKE 60 Since then, 12 Lake Zurich • Home buyers haveCary returned to the rental market due to tightening credit standards, and 41 22 22 21 PROPERTY• Employment SUMMARY uncertainty14 has kept potential home buyers in theLong rental Grove pool. Unit Amenities:Lincolnshire Barrington 15 MILES83 Highland Park Number fo Units: 252 Deerfield Rents in the suburban market are approximately 27% below the 10-year trend• Attached line established Garages (select from 1990units - toas 1999.detialed Thebelow) decline of the for-sale single-familyAddress: housing market 6690 Doubleis resulting Eagle in Drive the return to a balanced Buffalorent/own Grove market.