The project had fallen on hard times during the downturn and was rescued by Ranquist Development.
Patrick Warneka The project had fallen on hard times during the downturn and was rescued by Ranquist Development.

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Builder/Developer: Ranquist Development, Chicago
Architect: Pappageorge Haymes Partners, Chicago
Walk Score: 92
DU/Acre: 23
Construction cost: $110 per square foot
Size of units: 1,600 to 2,200 square feet

A vacant piece of property within a development that had gone bust, the Backyard had only 40 of 80 condos built when it went south. The homeowners’ association was underfunded, residents were unable to sell, and owners felt trapped.

Ranquist Development turned the struggling project around, helping those who had bought early on. Another developer bought the 40 unsold condos and quickly sold all of them in 90 days, thanks to an uptick in the market.

Homeowners get the feel of a swanky townhouse while living in Andersonville, a vibrant urban neighborhood. Pubs, transit, pizza parlors, and music clubs are within five blocks and Wrigley Field is a 15-minute walk away.

Learn more about markets featured in this article: Chicago, IL.