Sun-Times, November 25, 2013
Construction on a high-end complex of apartments and town homes is well under way in Vernon Hills, after more than a year of talks to finalize plans.
The 304-unit Oaks of Vernon Hills will stand at the former Kelly’s Day Camp at 770 E. Route 45.
Chicago-based REVA Development Partners is betting that a mix of luxury amenities and two different rental options will lure both young professionals and families.
While suburban developers have rushed to grab a share of the growing apartment market, few in Lake County have put forth two distinct “for rent” concepts in one project.
At Oaks, 256 apartments and 48 town homes will be available for lease.
Preliminary rates range from about $1,200 for one-bedroom apartments to $2,600 for three-bedroom town homes.
“We think it will do very well for empty nesters, folks that are downsizing, but also families who want to move into the area,” said Matt Nix, a REVA principal.
Vernon Hills officials say they will closely follow demand for Oaks units. AMLI Residential’s Museum Gardens, also billed as luxury apartments, sits about four miles away on Milwaukee Avenue.
“I think we’ll have to step back and assess if there’s an additional need for apartments in this area,” Assistant Village Manager John Kalmar said. “We’ll see what the absorption rate is and use that as a measuring stick to review any types of similar projects moving forward.”