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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

33 Realty Handles Gurnee Deconversion Sale

33 Realty’s Sean Connelly and John Meyer represented Deer Creek Condominium Association in the deconversion sale of Deer Creek Condominiums, located at 1600, 1700 and 1800 Wedgewood Dr. in Gurnee, IL .  The complex sold to Laramar Group for $18.5 million.

Built in 1983, the 198-unit Deer Creek consists of one- and two-bedroom units, as well as three recently converted three-bedroom, three-bath penthouses. It is 85% occupied.

“Deer Creek has great potential to raise rents to market levels as units become available for renovation,” added Meyer.

Although deconversions seem to be falling out of favor lately, Connelly and Meyer believe the market still has legs.

“We feel, as do our clients, that the trend is far from over,” said Connelly. “Associations looking to deconvert continue to reach out. Being choosy is the key to success when handling these types of assignments.”

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About Paul Bubny

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).

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