Townhome project in Buffalo Grove changed from rentals to for-sale starting at $550K, has new land owner – Chicago Tribune

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Forty-one new townhomes will soon be built at Route 22 and Prairie Road in Buffalo Grove after the Village Board approved the new development at its recent meeting. June 17.

Projades LLC of South Barrington purchased 4.2 acre-property at 22825 N. Prairie Road in December from Bloom Street Partners LLC – which had approval last August from village leaders to move forward with a rental development.

The board voted 5-0 at its June 17 in favor of an amendment for the development, called Prairie Pointe Townhomes, allowing for the change in ownership, supporting plans to sell rather than rent the townhomes, establishment of a homeowners association, upgraded stone building materials, covered entrances, additional bedroom options and.

“I really like the redesign and it fits in with neighboring communities within the area,” said Trustee Joanne Johnson. “I appreciate the fact these are now for sale rather than for rent. We’ve had a proliferation of rentals lately … and I think this will be a nice product, a nice addition.”

Village President Eric Smith agreed, asking the developer why he decided to sell instead of rent the attached townhomes.

“One of the key factors was price,” Projades Director Ram Prashanta said. “The math doesn’t work out with rentals.”

Prairie Pointe Townhomes will include open floor plans, three- to four-bedroom units with 2.5 to 3.5 bathrooms and two-car garages, according to Prashanta. The units will feature modern kitchens with appliances and finishes, balconies and patios, and energy efficient features, he said.

Prices are expected to start at $550,000. Prashanta said construction should begin in September.

Elizabeth Owens-Schiele is a freelancer. 

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