34850 N Delany Rd, Gurnee, IL 60031

Colliers is pleased to present a unique opportunity to develop a 22.73-acre site into a 364-unit, four-story wrap-style apartment building with a comprehensive amenity package. Located in the growing Waukegan neighborhood, the property is ideally located approximately 45 minutes from both Downtown Chicago and Downtown Milwaukee.

Just a few short minutes from the American Place project, the Genesee Theatre, and multiple retail centers, residents have easy access to employment, recreational activities, and dining options. The Waukegan Metra stop provides direct access to the vast employment opportunities located in Downtown Chicago. Additionally, located within 12 minutes of I-94, residents have easy access to Downtown Milwaukee and the entire Southeast Wisconsin employment corridor.

The market has seen significant rent growth in the last few years, reaching 3.7% YOY Q4 2023 growth. New ownership of the site would have the opportunity to develop these standout units in a submarket seeing significant growth with limited to no new supply.