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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 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 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).

  • ◦Sale/Acquisition
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