Ranquist Development Group and Lizzie Kaplan of Sedgwick Investments Chicago, LLC broke ground to begin construction on the third phase of the Flexhouse project in Logan Square.
Sharing the philosophy of high quality and modern design, both Ranquist Development Group and Lizzie Kaplan of Sedgwick Investments Chicago, LLC joined to bring modest, efficient, urban and cool houses to Logan Square with a fresh real estate perspective centered around innovation, efficiency and affordability.
This week, the two companies began development of 16 more town homes as part of the Flexhouse 2 project at Ridgeway, Schubert and Hamlin avenues. Bob Ranquist, President of Ranquist Development Group, said the town home project is scheduled for completion by April.
Flexhouse 2’s development site sits on 1.9 acres of land at 2650 N. Ridgeway Ave. in a hip neighborhood filled with bars and restaurants, drawing in young professionals and residents seeking cheaper alternative to apartment living. The town homes will resemble those in the prior phase featuring three-story, three-bedroom homes with radiant-heated exposed concrete floors, private garages and 50-foor deep backyards, a rare amenity in the area. Homes will start at $479,800.
The beginning phases of Flexhouse included a sold-out lot of eight homes nearby at 2801 W. Shakespeare Ave. Following the first phases, 15 town homes were built on Ridgeway Avenue, with all but one having sold. In reflecting on the beginning phases of the Flexhouse project, Ranquist told Chicago Real Estate Daily that sales surpassed the developer’s expectations.
“The sales exceeded our expectations out there,” said Ranquist.
Ranquist and Sedgick have created homes sold at a price point that could not be afforded in Chicago previously. With two units pre-sold in the third phase, Flexhouse is located in a neighborhood that doesn’t lack buyer demand and appears to be on its way to similar success as the developments in the first phase.