Uncategorized Archives - 33 Realty

  • May 22, 2018

      Thursday we attended the Chicago Real Estate Investment Association event where the multi-family state of the Chicago market was discussed. Top takeaways from this discussion include: – 2018 has seen an increasing spread between Class A and B housing. A typical spread approximates 13% but market is witnessing upwards of 18%. 33’s Insight: We view this spread as an opportunity for investors to target workforce housing. Seek out suburban communities with strong blue collar employment base where competition for buildings is lower. – No surprise here that there is a strong supply of units coming on in Q2 2018. Chicago will deliver 2,000 units new luxury units. 33’s Insight: … Continue reading

  • April 11, 2018

    If you’re in the market for viable investment opportunities in the real estate industry, there’s no better place to invest your money than in the city of Chicago. However, just like any other shrewd investor, a look at some of the factors leading to Chicago’s luxury development growth should be your priority before making any decision. These include the following. 1. Increased Employment An increase in employment opportunities has seen more people moving to luxury neighborhoods in Chicago. This has spurred the development of luxury homes and apartments in downtown neighborhoods, considering the fact that more people can now afford to purchase or rent these homes. 2. Strong Value Gains … Continue reading

  • March 29, 2018

    In case you missed the Chicago Capital Markets Debt, Equity & 2018 Forecast panel put on by Bisnow, here are three takeaways on 2018 trends discussed: 1. In the market, there are a lot of equity sources looking for deals. Some equity sources are taking positions as debt lenders to reduce risk and to find more opportunities to place capital. 2. For Walton Street, capital sources are 50% domestic investors and 50% international with the Mid East and Asia as the main areas providing capital. 3. Industrial / distribution continues to be a strong asset class especially the “last mile” for online deliveries to consumers in metro markets. Hotel and … Continue reading

  • March 8, 2018

    Goodbye dark lighting, hello open, well-lit office spaces. One of the biggest emerging trends in the work place has been the shift towards open office floor plans that provide a collaborative work environment. Check out 3 ways to to design your Office for maximum productivity: Variety of work spaces: Transparency and Privacy: some offices can be ground glass, while others are totally transparent. Many options can be offered depending on the company culture. Having a variety of work spaces, that are suited for different styles and tasks, provides employees options that work best for their maximum productivity level. Collaborative work spaces not only leave room for office growth, it lets … Continue reading

  • 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 … 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

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