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Chicago & Midwest   /   February 14, 2019

Paul Bubny
By: Paul Bubny

Family Office Snaps Up Oak Park Condos for Deconversion

Chicago-Based 33 Realty represented a family office in its $15.172-million acquisition of a 79-unit condo building at 932 W. Pleasant in Oak Park, IL from the Pleasant Court Condominium Association. The buyer, which sought to increase its holdings in suburban infill markets, will convert the building into rental apartments 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 33’s Sean Connelly, who represented the buyer. “It’s a terrific fit for their portfolio.”

The buyer has enlisted 33’s sister company Cubed Construction, which specializes in high volume renovations, to handle the $3-million project. “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.”

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About the Author

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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