Ravinia Communities Adds to Senior Housing to Suburban Chicago

Two projects are bringing 160 residences to northwest suburban Chicago.

Developer Ram Prashantha received approval from Crystal Lake City Council for a 93-unit apartment complex near Pingree Road Metra station. And manufactured-home specialist Ravinia Communities got the greenlight to add 67 units to its Oakbrook Estates senior housing development, Shaw Local reported.

Prashantha, the principal of Lavah Capital and owner of construction services firm Projades, expects to start construction as early as March at 551 Congress Parkway. The development will consist of three three-story buildings, featuring 21 one-bedroom units and 72 two-bedroom units. Rents will range from $1,500 to $2,100.

Amenities will include a dog park, a recreational area and a grassy community space with a gazebo and benches, plus 199 parking spaces.

The project site was rezoned for a density of 14 units per acre. Some council members have reservations about Crystal Lake’s robust multifamily pipeline. Nearly 900 units are under construction in the town of about 41,000 people.

Ravinia Communities’ addition in Oakbrook Estates, called the Reserve at Oakbrook, will be for residents 55 and older. It will occupy 9.5 acres at 4202 Three Oaks Road. The larger subdivision already has 332 age-restricted homes, and demand is high, the firm’s Principal Manager David Worth told the council.

Manufactured homes in the expansion will range from $120,000 to $180,000, with monthly site rent of $900. Rental options will cost between $1,700 and $2,200 per month.

The 65 and older population in McHenry County is expected to increase by at least 22 percent in the next five years, the outlet reported.