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34850 N Delany RdWaukegan, IL 60031
Delany Point
Asset ClassLand, Multifamily
Land22.73 Acres
# Units: 364Parking Spaces: 744 SpacesAccess Data Room
Shovel Ready Development Site Ideally Located to Local Amenities, Entertainment, and Schools
overview of deal

Overview

Situated in the growing Waukegan neighborhood, this property enjoys a prime location approximately 45 minutes from both Downtown Chicago and Downtown Milwaukee. Just minutes away from key attractions such as the American Place project, the Genesee Theatre, and multiple retail centers, residents benefit from convenient access to employment opportunities, recreational activities, and a variety of dining options. The nearby Waukegan Metra station offers direct connectivity to Downtown Chicago’s extensive job market, while proximity to I-94, just 12 minutes away, ensures seamless access to Downtown Milwaukee and the Southeast Wisconsin employment corridor.

 

The area has experienced notable rent growth, with a 3.7% year-over-year increase as of Q4 2023. This trend, combined with limited new supply, positions new ownership to capitalize on the opportunity to develop standout units in a high-demand submarket.

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Investment Highlights

  • Full Support from the City of Waukegan -Originally zoned for townhomes, the city will also support BTR or SFR development
  • Development of Delany Point as Class A Would Distinguish the Property as a One of a Kind Property in the Market
  • Affluent Submarket Comprised of Young and Restless Renters
  • Multifamily Rents in Waukegan, IL are on the Rise
  • 20 Minutes from Conway Park Business District in Lake Forest, IL
  • 15 Minutes from the Legendary Genesee Theatre
  • 7 Minutes from the New Iconic American Place Casino & Hotel
  • Easy Commuter Location to Chicago’s Robust Job Market
  • Strong Market Fundamentals Support Milwaukee’s Job Market

Unit Breakdown

Number of Units
SF
One Bedroom
214
722 - 1,075 sf
Two Bedroom
110
1,190 - 1,443 sf
Three Bedroom
38
1,421 - 1,648 sf
Four Bedroom
2
1,421 - 1,648 sf
Total
364
772 - 1,648 sf
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34850 N Delany RdWaukegan, IL 60031
Conway Park
Genesee Theatre
Iconic American Place Casino & Hotel
Waukegan National Airport

Sales Team

Tyler HagueExecutive Vice President+1 312 612 5936tyler.hague@colliers.com
Lauren StoliarAssociate Vice President +1 312 612 5944lauren.stoliar@colliers.com
Ryan RoegnerFinancial Analyst +1 312 612 5936ryan.roegner@colliers.com

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Listing provided by Revere CRE