PARK5 Expands Luxury Build-to-Rent Living with New Townhome Community in Deerfield
PARK5 Luxury Townhomes has officially marked the opening of its new build-to-rent residential community in Deerfield, Illinois, introducing a modern housing option designed to meet the evolving needs of renters seeking the comfort and privacy of a traditional home without the long-term commitments of ownership. The community celebrated its official ribbon-cutting ceremony on July 15, following the arrival of its first residents in June, signaling an important milestone for the development and the growing build-to-rent housing sector in the Chicago metropolitan area.
Developed by VennPoint Real Estate, a Chicago-based multifamily investment firm, and professionally managed by RPM Living, the new community brings together luxury amenities, spacious townhome designs, and maintenance-free living in one of Chicago’s most desirable suburban markets. Located just south of the intersection of Deerfield Road and Saunders Road on the west side of the Parkway North Center in Deerfield, PARK5 is positioned to provide residents with convenient access to employment centers, shopping destinations, recreation, and transportation throughout Chicago’s North Shore.
The development represents a growing trend in residential real estate as more individuals and families seek flexible housing alternatives that combine the space and comfort of single-family homes with the convenience of professionally managed rental communities.
Unlike traditional apartment complexes, PARK5 offers a collection of thoughtfully designed luxury townhomes featuring both ranch-style and multi-level floor plans. Residents can choose from one-, two-, and three-bedroom layouts, providing options that accommodate a wide range of household sizes and lifestyle preferences.
Every residence has been designed to provide a private, home-like living experience. Each townhome includes an attached garage, a private entrance, a dedicated mudroom, a spacious pantry, and its own outdoor living area. These features allow residents to enjoy many of the benefits associated with homeownership while eliminating responsibilities such as exterior maintenance, landscaping, and major property upkeep.
The combination of spacious interiors and practical design elements creates an attractive alternative for renters who desire additional living space without purchasing a home.
Beyond the individual residences, PARK5 offers an extensive collection of community amenities aimed at promoting an active, comfortable, and connected lifestyle. Landscaped green spaces and beautifully designed courtyards provide outdoor gathering areas where residents can relax and socialize, while scenic walking and biking trails encourage healthy outdoor recreation.
The community also features a dedicated pickleball court, reflecting the sport’s growing popularity among residents of all ages. A fully equipped fitness center allows residents to maintain active lifestyles without leaving the property, while a fenced dog park provides a secure environment for pet owners and their companions.
To further enhance convenience, PARK5 offers 24-hour maintenance services along with professional on-site property management, ensuring that residents receive prompt assistance whenever needed. These services eliminate many of the responsibilities typically associated with homeownership, allowing residents to focus on enjoying their homes and community.
Monthly rental rates at PARK5 range from approximately $3,900 to $7,500, depending on residence size, layout, and location within the community. While positioned within the luxury rental segment, the development is designed to appeal to renters seeking premium accommodations combined with long-term flexibility.
According to VennPoint Real Estate, PARK5 was intentionally developed to serve a broad range of residents whose housing preferences are changing. The community caters not only to traditional renters but also to homeowners who may be transitioning into a maintenance-free lifestyle, professionals seeking greater flexibility, and families looking for additional space without committing to purchasing a home.
Nick Marietti, Chief Executive Officer of VennPoint Real Estate, said the company is proud to introduce a residential concept that offers residents the benefits of spacious suburban living while removing many of the responsibilities associated with homeownership.
He explained that PARK5 provides an attractive option for empty nesters who wish to downsize without sacrificing comfort, as well as young families who value flexibility while establishing themselves in one of the region’s most sought-after suburban communities. The successful move-in of the first residents marks an important achievement for the development team and validates the growing demand for high-quality build-to-rent housing.
The location of PARK5 further strengthens its appeal. Deerfield is widely recognized as one of Chicago’s premier North Shore communities, offering highly regarded schools, established neighborhoods, abundant parks, retail centers, restaurants, and convenient access to major employment hubs throughout the greater Chicago area.
Its suburban setting provides residents with a quieter residential environment while maintaining close proximity to downtown Chicago and surrounding business districts. This balance of accessibility and quality of life has contributed to Deerfield’s reputation as a desirable place to live for professionals, families, and retirees alike.
PARK5 is being developed in multiple phases to accommodate strong leasing demand while ensuring a steady rollout of new residences. Units are becoming available on a rolling basis as construction progresses, allowing new residents to move into completed homes while additional sections of the community continue to be developed.
The phased approach reflects the project’s positive early response from prospective renters and provides flexibility to meet continued market demand throughout the development process.
RPM Living, which oversees day-to-day property management, has also expressed confidence in the long-term success of the community. The company believes PARK5’s combination of modern design, premium amenities, and desirable location positions it well within Chicago’s competitive rental market.
Jenny Velilla, Vice President of Operations at RPM Living, said the strong early leasing activity demonstrates the property’s broad appeal across multiple renter demographics. She noted that interest has come from professionals, families, and downsizing homeowners alike, illustrating the growing demand for high-quality rental housing that offers the comfort and privacy of a traditional home.
As the professional management company, RPM Living intends to foster a welcoming community while delivering high levels of resident service and operational excellence.
The opening of PARK5 also reflects broader changes occurring within the U.S. housing market. Rising home prices, higher mortgage interest rates, and changing lifestyle preferences have encouraged many consumers to consider long-term rental options that provide greater financial flexibility without compromising living standards.
Build-to-rent communities have emerged as one of the fastest-growing segments of residential real estate, offering spacious homes with professionally managed services, resort-style amenities, and maintenance-free living. Developers and investors increasingly view these communities as an attractive solution for addressing evolving housing preferences across multiple generations.
With its luxury townhome designs, premium amenities, and desirable North Shore location, PARK5 represents this new generation of residential development. By combining the privacy and space of single-family living with the convenience of professional property management, the community offers residents a compelling alternative to both traditional apartments and homeownership.
As leasing continues and additional phases are completed, PARK5 is expected to further expand housing choices for residents across the Chicago metropolitan area while contributing to the continued growth of the build-to-rent market in suburban communities.
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