CHICAGO: Village Green's Downtown Domination
Multifamily giant Village Green will soon own or manage 11 high-rises throughout downtown Chicago. CEO Jon Holtzman, above, tells us it's targeting a demographic that's grossly underserved despite imminent apartment oversupply: recent grads who want to live downtown while paying off student loans. The company's latest acquisition, the 147-unit 860 N DeWitt in the Gold Coast, will be rehabbed and rebranded to serve that market, while also focusing on corporate housing like the rest of Village Green’s portfolio. (With one building per neighborhood, something's bound to be walkable to the office and some froyo.)
The 22nd floor outdoor Sky Park, above, will include a fire pit and LED movie wall (just be careful what you decide to watch in the open air). What young pros want: a transit-oriented location (just off Michigan Avenue and Oak Street Beach); efficient spaces with the latest fits and finishes; and amenities like concierge services. You can't think “if you build it they will come,” Jon says. Smaller floor plans (it's done 435 SF) are key. When condos come back, their developers will target renters paying up to $4,000/month for two- and three-bedroom units, he says. Since Jon doesn't get enough risk in real estate, he also races historic cars.