Hinsdale, IL, June 23, 2011 --(PR.com
)-- With its acclaimed schools, convenient accessibility and coveted mix of homes, shops, restaurants and parks, Hinsdale is a town known for attracting people from across Chicagoland - and across the world, too.
In fact, the investment management arm of Britain-based property investment firm Grosvenor was so enamored of the western suburb that it decided to finance The Hamptons of Hinsdale - a partially developed site recently purchased by Inland Opportunity Hinsdale Hamptons LLC, a wholly owned subsidiary of Oak Brook-headquartered Inland Opportunity Fund, LLC (“Inland”), whose goal is to reposition and re-market the property to become more in-line with today’s buyers and values. Inland has hired Next Generation Development (NGD), based in Wheaton, to handle construction, sales and marketing for the Hinsdale residential development, which will consist of 26 townhomes, 93 condominiums and three custom single-family lots. Inland purchased the Hamptons of Hinsdale from Citizen’s Financial Bank - one of the project’s original and current lenders, which will offer mortgage financing to future home buyers at the development.
The project, officially funded by Grosvenor Residential Partners I LP (GRIP), marks Grosvenor’s first residential investment in the Chicagoland market. Grosvenor has long been an investor in Chicago with its ownership of several retail properties along Michigan Avenue.
Despite the current economic downturn that has discouraged many investors and developers from engaging in new residential construction projects, Grosvenor, Inland and NGD were impressed enough by The Hamptons of Hinsdale’s strong potential based on several key factors, not the least of which are its prime location and affluent target customer base.
Existing single-family homes in Hinsdale are currently selling for an average of $1.317 million, up 35.6 percent from March 2010, according to Lance Ramella, principal with RW Real Estate Advisors, LLC, a real estate market research firm located in Oakbrook Terrace. In addition, the median annual income among Hinsdale residents is $127,753, which is approximately 91 percent and 53 percent higher than that of Chicagoans and Du Page County citizens, respectively.
“After extensive due diligence and market research, we determined that investing in Hinsdale was the best way for our fund to enter the Chicago market,” said John Gaghan, director of residential investments for Grosvenor. “With its close proximity to I-294, I-55 and Rt. 83, the Hinsdale site offers preferred access to Fortune 500 employment centers, major medical centers, O’Hare and Midway airports and other area destinations. Plus, Hinsdale is situated within a few miles of Oak Brook and Naperville, two of the largest suburban office markets in Chicago’s suburbs. And local Metra rail service offers access to downtown Chicago in less than 30 minutes.”
Additionally, the village boasts schools which consistently rank near the top in standardized test scores among Illinois public schools, including Hinsdale Central High, Hinsdale Middle School and Elm Elementary.
Gail Payonk, sales and marketing director for NGD, which is handling construction and sales at the property, said the fact that an institutional investor like Grosvenor would back a project like the Hamptons of Hinsdale is a validation of the project’s viability and promising virtues.
Sales at the Hamptons of Hinsdale are on pace to commence in August, with floorplans and pricing to be announced soon. The infrastructure and site improvement work is nearly complete at the 12.4-acre site, which is located in a private enclave just a block from highly acclaimed Hinsdale Central High School near the intersection of 59th Street and Washington Street. The first four-unit townhome building is 95 percent complete, and a 23-unit condo building is in the middle of construction. In two other condo buildings, foundation work and underground garages have been completed.
For more information or to get on the list to preview plans for The Hamptons of Hinsdale, visit www.hamptonsofhinsdale.com.