SVN Chicago Commercial has arranged the $3.7 million sale of a 7.24-acre development site at 2350 W. Higgins Road in Hoffman Estates, Illinois.

The property, located adjacent to a 101,769-square-foot shopping center, is slated for the construction of approximately 330 luxury apartment units. Wayne Caplan & Al Lindeman of SVN Chicago Commercial represented the sellers, Dutch-based Depa Holding Company and their U.S. partner Caruso Development, in the sale.

The buyer, an entity of Chicago-based Synergy Construction Group, plans to develop the site into a luxury apartment community. The transaction marks the second time the property was under contract, ultimately closing amid strong multifamily demand.

Originally zoned for commercial use, the site is the former home of both a Kmart and a Menard’s store. The Village of Hoffman Estates also approved a new residential-oriented redevelopment and TIF agreement for the property and restructured a previous TIF agreement with the adjacent properties owned by the sellers.

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