LOS ANGELES, CA - Wingspan Development Group, a real estate development firm focused on delivering high-quality projects across multiple asset types, today announced that it has formed a joint venture with Integrated Capital Management, a Los Angeles-based investment management firm, for the $60 million development of Sixteen|30, a 284-unit garden-style apartment community located at 14700 Wallin Drive in Plainfield, IL.
Sixteen|30 will provide much needed multifamily housing to the Village of Plainfield which has been a challenging submarket for developers to obtain entitlements for new multi-tenant residential product. This high barrier to entry and scarcity of supply is further amplified by underserved demand resulting from Plainfield’s close proximity to multiple employment centers, high ranking school district, and overall quality of life.
Wingspan’s intention for Sixteen|30 is to create a community that is affordably priced while offering its residents an upgraded lifestyle with a fully-amenitized clubhouse, a resort-style swimming pool, and other premium features such as bocce ball courts, fitness and yoga center, remote work environments, outdoor grilling, modern package and grocery delivery room, and bark park. Sixteen|30 will feature a mix of studio, one-, two-, and three-bedroom apartments in a variety of floorplans. Construction has already commenced, and occupancy is expected by spring of 2021.
Although Wingspan has historically syndicated equity to capitalize their development projects, Chris Coleman – the firm’s vice president of development - noted, “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. As a local family-owned multi-generation company, it was important for us to align with a likeminded partner who values the sense of pride and community inherent in each of our projects.”
“Integrated believes Wingspan Development Group is an institutional quality sponsor perfectly suited to execute its vision of Sixteen|30, and we hope to deepen the collaborative relationship between our firms over the years to come,” said Robert Lindner, managing principal and co-founder of Integrated Capital Management.
Lindner continued, “Integrated seeks to allocate its family office and private investment portfolio among a diverse mix of asset classes, across certain domestic markets, and alongside accomplished owners and operators in their respective areas of expertise. Sixteen|30 marks Integrated’s ’s second investment in the Chicago area 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’s Streeterville submarket.
About Wingspan Development Group: Wingspan Development Group delivers the highest quality projects across multiple real estate segments; multifamily residential, commercial and land development. The firm’s core team has over 80 years of real estate and construction experience combined with an unparalleled commitment to detail and execution. By blending broad capabilities and a nimble organization, Wingspan capitalizes on diverse market opportunities to create value through quality for clients and stakeholders. Wingspan has offices in Illinois and Wisconsin. For more information, please visit winspandev.com
About Integrated Capital Management: Integrated Capital Management (ICM) is a Los Angeles-based investment management firm. Founded by real estate finance veterans John Carrick and Robert Lindner, ICM is privileged to invest the commercial real estate allocation of Disney and several other family offices around the country, as well as multiple registered investment advisors (RIAs), high net worth individuals (HNWIs) and foreign capital sources. Principal investments are capitalized through the firm’s various discretionary private equity offerings and are generally styled to help accomplished owners, operators, and developers of commercial properties scale their platforms and assets under management on a national basis by offering strategic co-investment capital. For more information, please visit integratedcm.com