
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.
- ◦Sale/Acquisition