SVN Chicago Commercial has arranged the $3.7 million sale of a development parcel at 2350 W. Higgins Road in Hoffman Estates, Illinois. The 7.24-acre site is positioned next to a 101,769-square-foot shopping center and is being repositioned from its prior retail use to support new multifamily housing.
The parcel is slated for the construction of approximately 330 luxury apartment units, according to information provided about the transaction. The planned community would introduce a sizable new residential component to the corridor, converting a formerly commercial site into a primarily residential development.
Wayne Caplan and Al Lindeman of SVN Chicago Commercial represented the sellers in the land sale. The ownership group comprised Dutch-based Depa Holding Company and its U.S. partner, Caruso Development. Their holdings in the immediate area also include the adjacent properties that remain under their control.
The buyer is an entity of Chicago-based Synergy Construction Group. The firm plans to develop the newly acquired site into a luxury apartment community, building on the growing demand for multifamily housing in the area. The transaction reportedly closed after the site had previously been under contract with another party, underscoring persistent investor interest in the location.
The land was originally zoned for commercial use and formerly housed both a Kmart store and a Menard’s home improvement store. Over time, the site transitioned away from active big-box retail operations, setting the stage for a new development strategy focused on residential use.
The Village of Hoffman Estates has approved a new residential-oriented redevelopment plan and a tax increment financing (TIF) agreement for the property. In conjunction with that approval, the municipality also restructured an earlier TIF agreement tied to the adjacent properties still owned by the seller group. These actions provide a framework to support the multifamily project and broader area reinvestment.
The deal reflects ongoing investor and developer interest in multifamily opportunities in established suburban corridors where older retail properties can be repositioned. With entitlements and local support in place, the transaction moves the Hoffman Estates site closer to a full-scale redevelopment as a luxury apartment community.
