@properties ISG will leverage the substantial marketing resources, tech infrastructure and sales force that already exist within @properties to serve institutional clients more efficiently and effectively.
Chicago (PRWEB) April 21, 2009
Chicago-based @properties today announced the formation of @properties Institutional Services Group (ISG), a new division serving institutional clients that own or invest in REO properties, distressed real estate and real estate foreclosures. Company co-founders Michael Golden and Thaddeus Wong have appointed Ralph N. Cram, CFA, and John R. Staib as managing directors of the new division.
@properties ISG will offer a full range of services related to REO properties and distressed real estate investment in Chicago including brokerage, receivership, asset preservation, property management, consulting, development and investment-advisory services for the disposition or acquisition of mortgage notes, residential property and commercial property. The group will focus on REO properties and distressed real estate in the Chicago area, and will cover a variety of asset classes including single-family and multi-family residential, new-construction developments, condominium conversions, single- and multi-tenant retail properties, and land.
"We have been communicating with a number of institutions with real estate investments in Chicago about providing assistance in stabilizing, valuing and marketing distressed and foreclosed real estate. We feel it makes sense to structure these services under a formal group," said Wong. "@properties ISG will leverage the substantial marketing resources, tech infrastructure and sales force that already exist within @properties to serve institutional clients more efficiently and effectively."
"@properties ISG is set up to be a one-stop shop for both institutional owners and investors dealing in REO properties and distressed real estate. No other independent broker in the city can offer the same breadth or depth of services with regard to real estate investment in Chicago, and now we can source those services through a specialty group with vast experience in a variety of complex transactions," added Golden.
@properties is the largest independently-owned residential brokerage firm in the city of Chicago based on 2008 transaction volume of $1.76 billion. The firm also has been one of the city's most prolific brokers of new-construction and condominium-conversion developments, successfully marketing more than 4,500 units with an aggregate value of over $2 billion since 2000.
@properties also has full-service commercial, corporate-relocation and luxury-sales divisions in addition to this new division for REO properties and distressed real estate. The company has five Chicago offices and more than 750 licensed agents.
@properties' size and range of services add up to a number of benefits for institutional owners and investors, according to Ralph Cram. "Most brokers that focus on REO properties and distressed real estate are too small to handle either the volume or the variety of distressed real estate coming through the pipeline today. However, @properties ISG has the bandwidth and, very importantly, the processes to execute on any number of transaction types, from the sale of individual residences to the repositioning and re-marketing of new construction high-rise condo developments," said Cram.
Besides advising institutional clients, @properties ISG will help secure listings and coordinate activities among agents who specialize in marketing and selling real estate foreclosures and distressed properties, noted Cram.
Established in 2000, @properties is the largest, independently-owned brokerage firm in Chicago, and is the leading brokerage firm for sales and marketing of new-construction and conversion developments and real estate investment in Chicago. The company has five offices throughout the city: Bucktown, Lincoln Park, River North, Streeterville and Lakeview. For more information on @properties ISG and the new division focused on REO properties, distressed real estate and real estate foreclosures, contact Ralph Cram, ralphcram (at) atproperties (dot) com or John Staib, jstaib (at) atproperties (dot) com, (312) 506-0200.
For more information, go to http://www.atproperties.com/isg.
For more information or to schedule an interview, contact Peter Olesker, Taylor Johnson & Olesker, (312) 267-4524, polesker (at) tjopr (dot) com.