CHICAGO, Nov. 1, 2018 /PRNewswire-PRWeb/ -- 33 Realty (33), the Chicago based commercial real estate firm specializing in property management, leasing, investment brokerage, distressed real estate services and construction, recently brokered the $8.716M sale of a 78-unit apartment building located at 501 W Euclid Avenue in Arlington Heights, IL.
The buyer, a private equity firm looking to increase their holdings in suburban infill markets, will be embarking on a major value-add renovation bringing city finishes to the building and transforming common spaces. Planned upgrades include amenitizing the building by adding a resident lounge, fitness center and outdoor entertaining space with grills. An adjacent lot that was bundled with the sale will provide additional parking for residents and guests.
"As Arlington Heights continues to experience significant growth, our client viewed this acquisition as an opportunity to provide attractive housing at affordable prices," commented Eric Weber, Principal of 33. "We remain bullish on Arlington Heights and continue to look for acquisition opportunities."
33's director of investment brokerage, Sean Connelly, represented the buyer in the transaction. "We continue to see an appetite for mid-market suburban product from our investors. These properties fly under the institutional radar based on size and provide a better return than similarly priced city properties."
About 33 Realty:
Founded in 2008 by a group of young professionals with diverse corporate backgrounds, 33 Realty is a fully integrated real estate services firm specializing in property management, leasing, investment brokerage, distressed real estate services and construction services (via its sister company Cubed Construction) for a variety of asset classes including commercial, residential and multi-family. 33 Realty is noted for providing turnkey solutions to complex real estate assignments and prides itself on exceptional client service. For more information please visit http://www.33realty.com.
SOURCE 33 Realty
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