Developer planning 400 apartment units in northwest suburbs: Compasspoint Development has three residential projects in the pipeline as demand and rents for suburban apartments soar.

Compasspoint Development, a local developer based in Barrington, plans to construct nearly 400 luxury apartment units in the northwest suburbs of Chicago. The projects, located in Barrington, Arlington Heights, and Des Plaines, aim to meet the high demand and rising rents for suburban apartments. The developer's previous project in Des Plaines, a 212-unit complex, is 97% occupied and has benefited from strong rent growth. The increased demand for suburban apartments is attributed to factors such as work-from-home flexibility and proximity to transit stops and downtown amenities. Each of Compasspoint's upcoming projects will cost between $40 million to $50 million in development costs. The developer is currently working on securing financing for the first project in the pipeline. [Extracted from the article]