PARK5 Luxury Townhomes Bring More Build-to-Rent Living to Chicago

Newly opened 144-unit community welcomes first residents following official ribbon cutting

CHICAGO--(BUSINESS WIRE)--PARK5 Luxury Townhomes, the North Shore’s premier build-to-rent townhome community, celebrated its official ribbon cutting on July 15^th after welcoming its first residents in June. Developed by VennPoint Real Estate, a Chicago-based multifamily investment firm, and managed by RPM Living, a full-service multifamily property management, investment, and development company, PARK5 offers ranch-style and multi-level living options with a range of one-, two-, and three-bedroom floor plans. PARK5 is located just south of the intersection of Deerfield and Saunders Road on the west side of the Parkway North Center in Deerfield, Illinois.

“We’re very proud of the community we are building in Deerfield as we provide a unique option for downsizers and young families alike, offering a turnkey, maintenance-free lifestyle without sacrificing the space and privacy of home ownership,” said Nick Marietti, Chief Executive Officer for VennPoint Real Estate. “Deerfield is an exceptional place to introduce this concept and seeing our first residents move in is a huge milestone for the team.”

Each residence at PARK5 includes an attached garage, private entry, mudroom, pantry, and private outdoor space. The community features ample greenspace, landscaped courtyards, scenic walking and biking trails, a pickleball court, fitness center, and fenced-in dog park, along with 24/7 maintenance and on-site professional management. Monthly rents range from $3,900 to $7,500.

PARK5 is intentionally designed for residents who choose to rent, whether a busy professional, empty nester who craves a maintenance-free lifestyle but still needs space, or young family seeking a suburban community and flexibility without the long-term financial and maintenance commitments that come with traditional homeownership. The property has drawn exceptional demand and is being developed in phases, with units being made available on a rolling basis.

“The strong early leasing momentum for PARK5 speaks to the quality of the property and appeal to multiple renter demographics on Chicago’s North Shore,” said Jenny Velilla, Vice President of Operations for RPM Living. “As the professional management company for the property, we look forward to building an exceptional community for our residents.”

Construction on the project broke ground in June 2025, with Nicholas & Associates serving as the general contractor.

PARK5 is now leasing. For more information or to schedule a tour, visit park5townhomes.com.

About VennPoint Real Estate

VennPoint Real Estate is a vertically-integrated, data-driven multifamily investment firm focused on the acquisition, financing and development of multifamily and build-to-rent communities in high-conviction markets. Founded in 2015, the firm has acquired or developed more than 3,500 units with a presence in Illinois, Ohio, Michigan, Texas, and Florida. VennPoint analyzes investments through a risk-adjusted lens, utilizing rigorous underwriting and hands-on management to optimize value for its partners. In 2024, the firm launched VennPoint Communities, its integrated property management platform, which now manages its Midwest portfolio of cash-flowing communities. VennPoint is headquartered in Chicago, Illinois. To learn more, visit vennpointre.com.

About RPM Living

RPM Living is a full-service multifamily management company offering an innovative and personalized approach to real estate services including management, investment and development. Headquartered in Austin, Texas, RPM is ranked #4 on the NMHC Top 50 Largest Apartment Manager list, managing more than 250 clients, 11 regional offices and 241,000+ units, with an owned portfolio of $3 billion. Founded by Jason Berkowitz in 2002, the firm has grown to 5,000+ associates nationwide spread across 50+ markets, all of whom share the collective vision to enhance clients’ investments through customized solutions and exceptional resident-centric service. To learn more about RPM, visit RPMLiving.com.