About
About The Illiana
The Illiana is a 32-unit, boutique elevator multifamily property located in one of the fastest growing submarkets in the Midwest. Offering efficient two-bedroom floor plans and covered parking, The Illiana is positioned to capture demand from a growing population base of high income renters looking for Class A finishes with little newly built rental product in the market.
The Illiana was developed in 2020, delivering unmatched apartment quality to Whiting. Demand for this product is demonstrated by the property being 100% occupied today. The Illiana attracts residents looking for immediate access to Chicago (24-minute drive, 40-minute train), coupled with the high quality of life and lower cost of living in Northwest Indiana.
CHICAGO LAKEFRONT SUBURB WITH ATTAINABLE COST OF LIVING
a. Whiting is strategically positioned along Lake Michigan, offering residents a high quality of life with a more affordable cost of living than other Chicago suburbs
b. 18.4% more affordable than Chicago
c. Less than 30-minute commute to Chicago
d. South Shore Line Expansion - Recently completed $650m rail transit project
ABILITY TO CAPTURE UPSIDE WITH LONG-TERM RENT GROWTH POTENTIAL
a. In-place master lease presents long-term opportunity to increase rents on 38% of units - currently 34% below in-place rents for market units
b. Best Product in a Growing Market – Despite Lake County growing 2.8% since 2019 (2x the national and Indiana average), there is a lack of new construction apartments with just 1% of inventory built after 2010
c. Strong Population Base - Current tenants at The Illiana have an median HH Income of $82k
d. North Lake County’s thriving market dynamics continue into Q1 2024 with Class A rent growth at 13% YOY and occupancy at 98.3%
e. 100% Occupied
TIF
a. 100% tax abatement through 2031 creates tax certainty for foreseeable future
NORTHWEST INDIANA - BUSINESS FRIENDLY ENVIRONMENT
a. Indiana’s pro-business environment actively encourages corporate expansions and relocations
b. #1 State in the Midwest for doing business
c. #1 State to start a business in the US according to Forbes
d. 37 foreign-owned businesses across 17 countries plan to invest $20.6Bn+ and create 8,500+ jobs in Indiana with average wages of $83,000+