A joint venture between Ranquist Development Group and Stocking Urban LLC has acquired a parcel of land just southeast of Six Corner’s in Chicago’s Old Irving Park, where 48 single-family homes are planning to be built.

Located at 3700 N. Milwaukee, Basecamp Old Irving Park will include four and five-bedroom single-family homes starting at $479,900, and according to Ranquist, Phase 1 of the project is already 50-percent sold, with seven of 14 homes under contract.

“Single-family home inventory in the city is so low, and what’s out there in terms of new-construction is hard to call a value. With Basecamp Old Irving, we’re bringing almost 50 new homes to the market with pricing, plans and finishes that are right in the sweet spot of demand,” said Zev Salomon of Ranquist Development. “So far, the response from homebuyers has been very strong.”

Ranquist has been one of Chicago’s most active neighborhood builders, recently completing projects like Backyard Andersonville, Basecamp River North, and Flexhouse and Flexhouse II in Logan Sqaure and Avondale. Basecamp Old Irving Park will be a continuation of the modern aesthetic that those neighborhoods are known for.

Site preparation for the homes will start in July, with groundbreaking planning to start in October. First delivers are set for Spring 2016.

A sales center and model unit is located off site in River North at 455 W. Hobbie St., and is open Monday, Thursday and Friday from noon to 5 p.m., and Saturday and Sunday from 10 a.m. to 6 p.m. For more information, visit www.basecampoldirvingpark.com.