Chicago based commercial real estate firm 33 Realty represented an unnamed buyer in its $15.172 million acquisition of a 79-unit condo building located at 932 W. Pleasant, Oak Park, Illinois. 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,” said Sean Connelly, 33 Realty’s director of investment brokerage, who represented the buyer in the transaction. “It’s terrific fit for their portfolio.”
Aaron Zeitner, commercial broker with Keller Williams Chicago – Lincoln Park, served as the listing agent in the sale on behalf of the Pleasant Court Condominium Association.
The buyer has enlisted 33 Realty’s sister company, Cubed Construction, which specializes in high-volume renovations, to handle the estimated $3 million renovation project. A beautiful building with great character, the company plans to maintain the building’s charm while upgrading it for today’s discerning tenants. Scope 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,” said 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.”
John Meyer, a 33 Realty managing director, also represented the buyer in the transaction. 33 Realty will oversee the community throughout the renovation and stay on as building manager once the project is complete in spring 2020.