Daiwa House Industry Co. Ltd. of Japan recently began construction on the Chicago North Clark Project, a high-rise rental housing unit.
The North Clark Project will be the third joint project that Daiwa House Industry has started with Lincoln Property Co., a major United States real estate company. The previous two projects include the Berkeley and the Water’s Edge.
The new project will rise 31 stories and house 373 units for individuals and families.
The facilities will be a convenient distance from both retail shopping and the central business district. The targeted population is the Generation Y segment, with middle- to high-income jobs and lifestyles.
The goal of Daiwa House Industry is to acquire and create over $1 billion worth of rental real estate in three years. The company is using its U.S. subsidiary, Daiwa House Texas, to achieve this. The end goal is to gain a yearly net sales within the U.S. amounting to more than $400 million by 2020.