Multifamily N Illinois
33 Realty brokers deconversion sale in Gurnee

33 Realty brokers deconversion sale in Gurnee

33 Realty has brokered the $18,500,000 deconversion sale of 198 condo units at Deer Creek at 1600, 1700 and 1800 Wedgewood Drive in Gurnee, Illinois. Consisting of three 66-unit buildings situated on 33 acres, Deer Creek was built in 1983 and converted to condos in 2007. This is the largest condo deconversion sale in Lake County to date. Sean Connelly and John Meyer of 33 Realty represented both parties in the sale.

Multifamily N Illinois
Glen Ellyn mixed-use project clears lawsuit

Glen Ellyn mixed-use project clears lawsuit

A DuPage County judge has granted multiple motions to dismiss a lawsuit brought by Schoub Properties and Citizens for Glen Ellyn Preservation seeking to halt the development of Apex 400, a mixed-use development to be located at the northwest corner of Main Street and Hillside Avenue in Glen Ellyn, Illinois’ CBD.

Multifamily N Illinois
Dover Court Condominiums in Uptown, for which Kiser Group recently brokered a $12.5 million deconversion sale.

Did Chicago just deep-six deconversions?

Chicago’s City Council has passed a resolution to increase the voting threshold on condo deconversions. Now, any building looking to switch from condo to rental will need the assent of 85 percent of the condo owners, instead of the 75 percent threshold that previously held true.

Multifamily N Illinois
Executives from Lendlease and Magellan Development Group, along with 42nd Ward Alderman Brendan Reilly celebrated the groundbreaking of Cirrus Condominiums and Cascade Apartment Tower along the lakefront in Lakeshore East.

Lendlease, Magellan break ground on two Lakeshore East residential towers

Lendlease and co-developer Magellan Development Group celebrated the groundbreaking of Cirrus, a 47-story condominium tower along Chicago’s lakefront in the Lakeshore East community. Scheduled for move-ins by fall 2021, Cirrus will be developed simultaneously with Cascade—an adjacent, 37-story, 503-unit rental tower—and Cascade Park, a publicly accessible green space that will connect to the lakefront and the riverwalk.

Multifamily N Illinois
33 Realty sells Belvidere, IL apartment portfolio

33 Realty sells Belvidere, IL apartment portfolio

33 Realty has completed the sale of a three-property, 64-unit portfolio of apartments in Belvidere, Illinois for $3,300,000. Consisting of 28 units at 504-544 Biester, 24 units at 909-919 McKinley and a 12-unit building at 323 E. Harrison, the portfolio has been well maintained and sold for more than double the previous sale price in late 2012.

Multifamily O Indiana
KTGY unveils plans for Indianapolis' Grid multifamily project

KTGY unveils plans for Indianapolis' Grid multifamily project

KTGY Architecture + Planning has unveiled the details behind the design of Grid, a 175-unit rental community being developed in downtown Indianapolis. Developed by Milhaus, the five-story development at 520 E. Washington St. will be completed in phases, the first of which will be delivered by mid-2020, followed by a second and final phase later next year.