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Wingspan, Integrated Capital JV on Plainfield Apartments
Locally-based Wingspan Development Group formed a joint venture with Integrated Capital Management, a Los Angeles-based investment management firm. The JV is partnering on the $60-million development of Sixteen|30, a 284-unit garden-style apartment community in Plainfield, IL.
Wingspan’s intention for Sixteen|30 is to create a community that is affordably priced while offering its residents an upgraded lifestyle. It will feature a mix of studio, one, two and three-bedroom apartments. Construction has commenced, and occupancy is expected by next spring.
Although Wingspan has historically syndicated equity to capitalize its development projects, VP Chris Coleman said, “Integrated is a single-source investment management firm that we believe is best suited to help Wingspan build upon its success to date and scale its portfolio.”
Sixteen|30 marks Integrated’s second Chicago-area investment this year. In April, Integrated partnered with Strategic Properties of North America to acquire Cityfront Place, a waterfront 39-story residential tower in downtown Chicago.
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- ◦Development
