33 Blog | 33 Realty

  • January 31, 2018

    Check out 33’s 2017 Year End Closing Stats and Recap: PORTFOLIO SALE: 4611 & 4520 S. Drexel / Sale Price : $9,200,000 / 112 units 5.5% Cap Rate / $82k door (record setting) Our team stays ahead of the market to assess on-going demand in their geo-targeted areas of expertise, not relying on past values.   CONDO DECONVERSION:  4700 N. Winchester / $6,475,500 / 25 units 33 represented 4700 N. Winchester Condominium Association in the sale to a private investor which will de-convert the building from condos into rental apartments. Property sold for a pro-forma 5.5%     ADD VALUE SALE: 4520 N. Malden $4,300,000 / 34 units Affordable asset remaining … Continue reading

  • December 27, 2017

    Each year 33 Realty and Cubed Construction participate as an annual Toys for Tots drop off location where people can drop off  new, unwrapped toys to help brighten a child’s holiday. The mission of the U.S. Marine Corps Reserve Toys for Tots Program is to collect new, unwrapped toys during October, November and December each year, and distribute those toys as Christmas gifts to less fortunate children in the community. We’d like give a huge thank you to everyone who dropped off toys for the Marine Toys for Tots Foundation at our 33 Realty & Cubed Construction drop off location! We filled over 2 boxes and a dozen bags of toys! Thank you all for contributing in … Continue reading

  • December 22, 2017

      CHICAGO—During the last residential real estate boom, developers and owners across the Chicago metro area converted thousands of apartments into condo units. The crash exposed the fact that many of these projects were not really suitable as condos. And the recent apartment boom has made it possible to “de-convert” some projects back into rental units. But the pendulum may swing back a bit in 2018, as state legislators seem likely to approve rules that will require a higher percentage of ownership votes in order to complete de-conversion plans. “Condo de-conversion is a strange concept to many,” Sean Connelly, managing director, 33 Realty, tells GlobeSt.com. “But often times it’s a great way to unlock … Continue reading

  • December 11, 2017

    Working gets a lot easier when you work in one of the trendiest office spaces in Chicago. From elegant industrial spaces to greenery-rich, sleek offices, work can be a more enjoyable place to spend your time. If you’re on the hunt for a new job, you’ll want a place whose décor will make you eager to go to work on Monday morning. Below are five cool office spaces in Chicago. 1. 33 Realty & Cubed Construction Some offices can be stifling and boring, but not 33 Realty! This office is made up of large open collaborative work spaces with cube-like structures acting as dividers and open spaces for lounging with … Continue reading

  • November 15, 2017

      In case you missed the ICSC Chicago Deal Making luncheon at Navy Pier that focused on Workforce housing here are three takeaways: Workforce housing* is where a real gap in housing inventory exists and is receiving much greater attention today. It is critical for people to have the option to live near where they work, particularly those who are the most essential to the local economy. Construction costs have skyrocketed. Also, many in the development community are chasing after luxury builds for higher rent levels. These factors could create an opportunity for the suburban market with demanding workforce seeking an affordable living. “The Mayor of Gurnee actually stated she thought there was a workforce housing … Continue reading

  • September 20, 2017

    As a manager of many luxury buildings and amenities, 33 has seen how increased amenities are an important player in the rental marketplace. Our Top Attractive Amenities in Multi-Family Developments FREE WiFi  The appeal of easy online access is not going anywhere, anytime soon. Millennials expect to be online at any time and it is an added bonus when it is free of charge. In a recent Bisnow article, one of the most attractive amenities in multifamily developments is free WiFi. Co-working spaces The co-working internet cafe space trend continues to gain momentum as millennials are increasingly beginning to work from home, and are expected to be available around the clock. … Continue reading

  • September 12, 2017

    Rising utility costs are driving everyone to look for solutions in an energy efficient house. An energy efficient apartment is equipped with premium energy-saving features that result in reduced utility and maintenance costs, superior comfort and increased property value. When you focus on energy efficiency for apartment construction, units are built as cohesive systems, with each feature working in conjunction. It’s much easier to design a correctly orientated, well-insulated, efficiently heated and well-lit building than to attempt to actively improve an already existing system. Taking into consideration the local geography and climate, as well as cleverly supplementing with passive energy-saving strategies, will pay off in the long run for your … Continue reading

  • September 7, 2017

    Chicago’s apartment development trajectory continues to rise but with an important limited resource – construction labor. A dwindling labor pool in combination with rising material costs has escalated construction costs for Chicago apartment developers. Cubed Construction, a Chicago construction company and sister company to 33, employs three main strategies. How to Mitigate Rising Chicago Construction Costs and Keep Costs Low 1. Keep good talent busy year around: With a limited number of resources in the labor pool, we make sure our skilled tradesmen are kept busy during construction lulls. Through our property management operations, we are able to deploy our tradesmen on maintenance work that arises year round. This allows … Continue reading

  • August 29, 2017

       The Midwest market flew under the radar on a recent article in Bisnow that examined the disparity between luxury apartment construction and the working-class American’s need for affordable apartments. Net, net, Midwest cities didn’t make the Ten-X list of top ranking multifamily buyer or seller markets but make up a valuable part of the domestic multifamily market. As we look at the Midwest multifamily market, Chicago’s increasing luxury apartment supply (and total apartment development in Chicago) has begun to outweigh demand as seen in NYC & San Francisco on a more tempered basis. In recent years we have witnessed a significant influx of capital from foreign and domestic coastal real … Continue reading

  • July 24, 2017

    According to the United State Census Bureau, the population of Chicago is approximately 2.7 million, which means one thing for rental property owners in the Windy City: there are a lot of people who need housing. For this reason, many investors have begun favoring leasing properties as opposed to placing them on the market for sale. If you’re an experienced rental property owner, you know what a daunting series of tasks it is to screen tenants, schedule various services (lawn care, pest control, pool cleaning, et cetera), collect rent, conduct routine inspections and deal with nuisances tenants, just to name a few. Whether you own a single unit, an apartment … Continue reading

  • May 23, 2017

    From extremely modern to high-end boutique, Chicago’s neighborhoods are full of unique hotels, but there’s a growing trend for accommodations in the city that has nothing to do with hotels. Airbnb changes the way you stay in Chicago, and the options are anything but boring. How Airbnb Works in Chicago Airbnb gives property owners with space to rent a place to connect with travelers looking for a place to stay. The owner posts the property with images and details of the rental. Potential renters browse the listings, and when a user finds a place to rent, booking and payment take place online. It’s an easy way to rent out your … Continue reading

  • May 4, 2017

      We’ve noticed the boom of luxury inventory in the Chicagoland area and 33 understands luxury living requires an upgraded management service. Our luxury management team’s mission is to deliver superior service and use effective strategies to efficiently manage luxury buildings. Top Five Checklist for Managing Luxury Buildings 1. Luxury amenities require meticulous management. Our property managers push work orders to be completed within hours, not days. We promptly call our tenants for permission to enter units and personally follow up to ensure the job was done right. 2. It is important that tenants are provided with the services and amenities that are included in their rent.  For instance, our … Continue reading

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