Condo-Quality Multifamily in Logan Square
33 was engaged by a real estate investment fund to manage 23 condo-quality residential units in Logan Square. Prior to purchase, 33 produced financial projections and operating budgets to help establish valuation for the asset. 33 also made recommendations for value-add improvements to the building to increase rental rates and future sale value. In the first year of management, 33 has maintained 100% occupancy at the building along with increasing the rent roll by over 6% through a mix of lease renewals and new lease signings.ptatem.
Multifamily Courtyard in Rogers Park
33 assumed management responsibilities of 52 apartment units across two buildings in the Rogers Park neighborhood. The properties had been mismanaged by the prior management company with significant deferred maintenance and large delinquent tenant balances. 33 formulated and executed a detailed turnaround plan, which involved removing problem tenants, renovating the apartments, increasing occupancy and bringing down the building’s operating expenses.
Prime Lincoln Park Mixed Use Property
This 8-unit mixed use building is comprised of 6 residential units and two commercial spaces. The building has been maintained at 100% occupancy since 33 took over management and exclusive leasing services for the building. Between lease renewals and new lease signings, 33 has increased rental income on the building by over 7%. 33 has also advised the owner on rehab plans to further enhance rental income.
East Village Walk-Up Building
This 8-unit residential building was purchased out of foreclosure from a local bank. Leading up to the purchase, 33 devised an upgrade plan to optimize the building’s earnings potential. Upon purchase, 33 immediately implemented the construction plan and achieved less than 15 days of total vacancy through the construction process. The overall rent roll was increased by 22% in fewer than 120 days. This asset provides a wonderful example of 33’s investment-minded approach to property management and how its integrated service model drives superior returns.
Renovated Lakeview Commercial Building
33 was awarded management responsibilities on a 10,000 square foot commercial building located in one of Lakeview’s most highly-trafficked retail corridors. Prior to taking over management, the 33 team advised on the purchase, renovation and re-positioning of the building which had fallen into disrepair under previous ownership. 33 worked with the developer to design the building and convert a once single tenant space into a diversified asset with thee separate tenants. 33 has maintained the property at 100% occupancy following completion of the building’s construction.