932 W. Pleasant Ave., Oak Park, IL
OAK PARK, IL—33 Realty, the Chicago based firm specializing in property management, leasing, investment, REO/lender and construction services, represented an unnamed buyer in the $15.172 million acquisition of a 79-unit condo building located at 932 W. Pleasant from The Pleasant Court Condominium Association.
The buyer, a family office looking to increase its holdings in suburban infill markets, will convert the building into rental apartment and embark on a major value-add renovation.
“932 Pleasant presented an excellent opportunity for our client to acquire a well-located residential property with access to multiple transportation options,” says Sean Connelly, 33's director of investment brokerage, who represented the buyer in the transaction. “It's terrific fit for their portfolio.”
The buyer has enlisted 33's sister company Cubed Construction, which specializes in high volume renovations, to handle the estimated $3 million renovation project. The company plans to maintain the building's charm while upgrading it for today's discerning tenants. The redevelopment plan includes expanding units within the current footprint of the building, upgrading interiors to condo quality, and modernizing common areas.
“The building was in need of an update in order to maximize rents,” says Connelly. “By bringing in Cubed we were able to pinpoint opportunities to unlock the building's full potential via unit rehabs and by maximizing unused space.”
33 will oversee the community throughout the renovation and stay on as building manager once the project is complete in spring 2020.
“We're looking forward to bringing professional property management experience to the residents,” says Drew Millard, a 33 principal.
John Meyer, a 33 managing director, also represented the buyer in the transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
