33 Realty Arranges Sale of a 79-Unit Condo Building in 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.