Plainfield Luxury Rental Community Sold To Wisconsin Developer

PLAINFIELD, IL — Sixteen30, a luxury apartment complex comprising 284 units, was sold to a Wisconsin-based real estate developer, executives announced.

Wingspan Development Group sold Sixteen30, located at 14750 Wallin Drive, to Continental Properties for $78 million, according to a report from Crain's Chicago Business.

The community of eight garden-style buildings was originally developed by Wingspan and opened in 2022, offering a range of studios and one-, two- and three-bedroom apartments ranging from 600 to 1,500 square feet.

Sixteen30 was 95 percent occupied at the time of the sale, according to Wingspan, and marked the highest retention rate of the firm's portfolio of actively leasing projects, officials said in a news release.

Wingspan executives cited a study showing that by the fourth quarter of 2023, suburban rentals were up 13.4 percent compared to the fourth quarter of 2021 and are expected to increase another 4-5 percent in 2024.

"Until recently, Plainfield — like neighboring Naperville — has seen much more for-sale single-family home development than luxury rentals," Christopher Coleman, vice president of development for Wingspan, said in a statement. "But as evidenced by our strong leasing numbers, there is an undeniable demand for the lifestyle and amenities offered by Sixteen30, with interest from young professionals to empty nesters. And with up to three bedrooms available at the community, it’s also become an attractive option for families who are renters by choice."

Residences feature 9-foot ceilings, in-unit laundry machines and work-from-home spaces, and most units have a patio or balcony. Among amenities are an 8,000-square-foot clubhouse, a resort-style swimming pool, a lounge, a fitness center, a demonstration kitchen and a park.

The acquisition marks Continental Properties' 10th community in Illinois.

"With the acquisition of Sixteen30, Continental Properties underscores its commitment to providing exceptional living spaces in thriving communities," Aaron Konop, director of acquisitions, said in a statement. "Sixteen30 is well-positioned within a growing Plainfield community. We are excited to add it to our portfolio as the first investment for the Opportunities Fund."