33 Realty arranged the sale of Surrey Condominiums at 106-224 Surrey Drive in Glen Ellyn, Illinois. An undisclosed buyer acquired the property for $5,425,000.
Principal Sean Connelly and investment broker Mark Kurgan marketed the asset. The acquisition included 48 of 60 units comprising four one-bedroom/one-bath units and 44 two-bedroom/one-and-a-half-bath condominium units.
33 Realty was hired by a court-appointed receiver in an SEC violation case to sell a bulk portion of condominiums and went to the market prior to the COVID-19 pandemic, generating over 40 showings and receiving 11 offers. Despite the challenges of the pandemic, 33 Realty was able to close the deal by selecting a group that could finalize the purchase with limited access to the property for physical inspections while still meeting the pricing guidance given to the receiver prior to COVID-19.
“With an aggressively targeted marketing strategy, we were able to get this opportunity in front of qualified investors. By outlining numerous scenarios to show the value of the asset, we secured a strong buyer and increased the chances of success for our client,” said Connelly. “Having managed and brokered varied REO and distressed properties, 33 keenly understands the value of picking the right buyer and executing transactions with closing time frames all involved parties can depend on. We understand the scrutiny and complexity of these transactions.”
Surrey Condominiums is located in Glen Ellyn, 24 miles west of downtown Chicago. The area offers a quality of life that is unique for a village including its cultural, entertainment and recreation opportunities. Surrey Condominiums is centrally located near a Metra Station, major highways and airports, abundant retail and recreation options and award-winning school districts. The property provides multiple value-add opportunities for an investor.