Lincoln Property Company (LPC), with its Midwest headquarters located in Chicago, is one of the nation’s largest full-service real estate firms. With nearly 65 years of experience and an extensive track record of development and ownership in the Chicago region for over 35 years, LPC has proposed to invest approximately $100 million in Bolingbrook to create Grand Village, a professionally managed clubhouse community of single-family homes on 75 acres at the southeast corner of Essington Road and Rodeo Drive. LPC will develop, own and operate the community, offering single-family home rental opportunities and providing increased housing options to Bolingbrook. Single-family rental communities are popular in other markets across the country because they cater to the lifestyle needs of residents, offering access to resort-style amenities, pet-friendly environments, and first-class property management. This provides residents with the flexibility and opportunity to experience the benefits of living in a single-family residence without the maintenance obligations of ownership.

Bolingbrook will gain an upscale rental alternative through a professionally managed community exclusively offering single-family residences that provide a suite of amenities and services. While there are vertical multifamily rental units, including apartments and condominium buildings, there is a lack of professionally managed, high-quality, clubhouse community single-family rentals across the Village.

Future Grand Village residents will have access to a 5,500 square foot clubhouse at the heart of the community, providing residents with the following amenities that promote social connectivity, health, wellness, and a vibrant sense of community:

• Social / party / gathering room
• Outdoor pool
• Fully equipped fitness center
• Sport courts including pickleball courts
• Outdoor open space and park areas
• Extensive walking trails
• Sports Simulator
• Outdoor kitchen and grilling station
• Fenced dog park and grooming area

The community will feature a mix of single-family homes, ranging in size and number of bedrooms, and each equipped with a two-car garage and two car driveways. Overall, the development will feature a mix of ranch-style homes to appeal to active adults generally over 55 years of age, as well as two-story homes to address the previously unmet needs of the rental market for single-family residences.

Over the past decade, the market has responded to the growing preference for “Rent by Choice,” with rental communities across the country being constructed to meet the needs, preferences, and lifestyles of this population segment. However, single-family rental communities are scarce in Bolingbrook and the Chicago region, and the lack of choice is inconsistent with the Village’s goal of having housing options responsive to community needs.

According to Entrata’s 2024 “The New American Dream” national survey of renters:

• 66% of renters say renting fits their current lifestyle more than owning a home; and
• 1 in 5 renters who’ve previously owned a home say they didn’t want to be responsible for property maintenance.

While renting is traditionally associated with the younger generation, according to a recent report in the Wall Street Journal, “the fastest-growing group of renters is those 55 and older, according to 2023 Census Bureau data,” and overall, “the share of renters 65 and older rose 30% in the last decade.”

Residents of Grand Village will attain the benefits of single-family living while retaining the optionality, cost predictability, and maintenance-free lifestyle of renting. Nationally, the average tenant resides in a single-family rental community considerably longer than the tenancy in a traditional vertical multifamily property.

The proposal is consistent with the Village of Bolingbrook’s goal to ensure a variety of quality housing options that are responsive to future community needs including housing for the 55+ active adult resident as well as the millennials wishing to live in a well-regarded suburb, with access to amenities and a robust social and recreational environment. By developing and operating Grand Village Bolingbrook as a rental community, LPC is providing residents with an opportunity to enjoy a single-family residence that avoids the maintenance obligations and unpredictable costs associated with property ownership. Bolingbrook is a sought-after community, and increasing the availability of professionally managed, single-family rentals will provide additional options in the local housing market.

As designed, rents at Grand Village are projected to range between $3,400 and $4,300. Included in the monthly rent are additional services, such as snow removal, lawn care, ongoing community maintenance, and numerous amenities provided throughout the community, as well as at the clubhouse, along with the peace of mind that comes with predictable monthly costs.

The projected rents align with the demographic results of a market study and recent census data, which found the average household income within a five-mile radius to be $139,718, as well as two large populations of target renters: 25,000 individuals aged 25 to 34 and 60,000 individuals aged 60 to 84.

LPC is prepared to invest over $100 million in the largely vacant property, providing new fiscal resources for schools, local government, and public services. The addition of new residents will stimulate the local economy and support the Village’s retail community.

The developer has pledged to provide land to help accommodate future roadway improvements by the Village.

Lincoln consistently ranks among the top managers and developers in markets across America and leverages its local insights, national perspectives, and global reach to deliver premier properties, bespoke solutions, and superior outcomes for communities and clients. More than 100 in-house real estate professionals support the company’s Midwest regional office, headquartered in Chicago.