33 Realty Closes Sale of Naperville Condo Deconversion
33 Realty has closed the sale of the Quail Ridge of Naperville Condominiums in Naperville, IL for $21,700,000. The circa-1977 complex represents an opportunity to add value by bringing the consistency and efficiency of a single ownership group to the property.
Broker Matt Petersen and principal Sean Connelly represented the buyer, Bear Peak Capital.
Located at 510-528 E. Bailey Rd., 1654-1674 Ishnala Dr. and 509-531 Kiowa Cir., Quail Ridge of Naperville Condominiums offers the potential to raise rents to market level as units become available. The new owners plan to inject capital to pay for building capital expenditures/unit remodels and operate the complex as apartments.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).