One Chicago homebuilder has shifted its focus to constructing for-sale townhomes on infill sites. This spring, Lexington Homes will break ground on three communities that will each feature 20 or more townhomes. Located in Des Plaines, Park Ridge and Kenwood, these projects will rest on infill parcels typically reserved for multifamily projects. According to Jeff Benach, co-principal of Lexington, the builder plans to construct more three-story townhomes this year, which should attract primarily "younger" buyers. A number of townhomes previously built by the company have been two stories, which generally appeal to empty nesters. Townhomes built in neighboring Des Plaines and Park Ridge will start in the low $300,000 to $350,000 range. These markets' resale sectors should represent a challenge for new product like Lexington's. According to Crain's Chicago Business, during the first two months of this year 72 existing homes sold in Park Ridge, which represented a 28 per...
- Lexington is targeting buyers with a price range of $300,000 to $400,000
- The builder's townhomes will be constructed on sites typically reserved for multifamily development.
- Lexington plans to deliver 125 homes this year.
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