Market-rate apartment management firm RMK Management Corp. has been appointed property manager of a luxury apartment community in Chicago’s northwest suburb of Schaumburg, Ill. Located at 1708 Arbor Square, Fieldpointe of Schaumburg is a 396-unit apartment community featuring a dozen three-story buildings.
“We are very familiar with this asset from prior management assignments,” RMK Management Chairman Anthony Rossi, Sr., told Multi-Housing News. “We have had numerous other assets in this submarket, so we can hit the ground running.”
Samuel “Simcha” Applegrad owns the property, along with Ariel Tessler, according to Yardi Matrix data.
The community offers studio, one- and two-bedroom apartments that range from 548 to 948 square feet. Rent range from $1,382 to $1,950 monthly. Residences offer walk-in closets, linen closets, double-pane windows, window covering and balconies or patios. Walking and biking trails are among the property’s common-area amenities. The pet-friendly community offers covered or garage parking and bicycle storage.
RMK is expected to oversee operations during large-scale improvements to the property in the coming months, including roof replacement and upgrades to shared corridors.
“The owners want to invest considerable capital dollars into improving this asset,” Rossi said. “We are excited to help them achieve those goals, so we can see the completion of these items, which will improve the homes of many residents.”
Key location near public transit and local employers
The community is situated at the intersection of Interstate 90 and Illinois Route 53, giving residents access to road leading to the Chicago area. Residents of Fieldpointe also enjoy access to a large number of area employers. Genworth Financial, Verizon Wireless and Paylocity are among the national employers located nearby. Deloitte and PwC also maintain substantial bases of operation in the area. Schaumburg’s Woodfield Mall, a 52-year-old regional shopping mall, is the largest in Illinois. The Schaumburg campus of Chicago’s Roosevelt University is also located in the town, with Harper College situated several miles away in adjacent Palatine.
Due to heavy traffic on Schaumburg’s main thoroughfares, access to public transit is a key benefit. The multifamily community is located 8 to 12 minutes from four different stations on the region’s Metra commuter rail system, which travels to downtown Chicago in a little over 30 minutes. Schaumburg’s Versailles at the Lake recently made news for its modernized curb appeal.
