Comprehensive solutions through integrated business lines including investment brokerage, property management, leasing, distressed services, and construction.
Sell the complex "as-is", typically can avoid costly repairs and increased regular and/or special assessments.
Market-leading experience in condo deconversions, consistently delivering 20 60% premiums above residential values
Transaction cost reduction typically 15-30% lower compared to individual sale costs.
Unique competitive advantage through in house property management data, AI analytics, and construction portfolio
| PRICE | LOCATION | UNITS |
|---|---|---|
| $1,428,000 | 2700 N Laramie, Chicago | 14 |
| $5,100,000 | 375 W. Winchester Rd, Libertyville, IL | 32 |
| $25,000,000 | 1591-1696 Carlemont, Crystal Lake, IL | 192 |
| UC | 18360 Glen Oak Ave, Lansing, IL | 52 |
| UC | 22420 Jackson Court, Richton Park, IL | 120 |
| UC | 3654 Western Ave, Park Forest, IL | 168 |
| Marketing | Treehouse in the Woods, Round Lake, IL | 220 |
| $1,495,500 | 414-416 S. Elmwood Ave, Oak Park, IL | 11 |
| PRICE | LOCATION | UNITS |
|---|---|---|
| $20,750,000 | 512 Bailey Road, Naperville, IL | 152 |
| $55,750,000 | 902-924 Ridge Square, Elk Grove Village | 427 |
| $33,400,000 | 1005 Des Plaines, Des Plaines, IL | 240 |
| $29,100,400 | Medinah Condos, Itasca, IL | 230 |
| $38,000,000 | 1101 Iroquois Ave, Naperville, IL | 264 |
| $18,500,000 | 140 Wood, Palatine, IL | 132 |
| UC | 2101 E 67th, Chicago | 43 |
| UC | 116 - 118 S Clinton Ave, Oak Park, IL | 9 |
| $6,125,000 | 1143-1193 Deerfield Rd, Deerfield, IL | 36 |
Your value is based off the unit ownership percentages spelled out in the condo association condo declaration. If needed, the unit purchase price can be calculated based on the unit type and/or unit square footage.
The percentage approval needed for condo votes varies by association (review your declarations & bylaws). Typically, 75% is required in the state of Illinois, though requirements range from 66.67 - 100%. In Chicago, 85% of the unit ownership must approve selling the entire condominium property to a single entity.
Typically, no. Developers don't talk to individual owners with specific offers but instead, make an offer on the property as a whole. In the majority of cases, deconversions are bulk sales that happen in one swift transaction.
Listing agreements are approved by a majority of the board at an open board meeting. We recommend that you consult with a deconversion attorney regarding your association's requirements.
We have almost always negotiated with buyers to allow the condo owners to keep the reserves. Those reserves would get disbursed to the condo owners after the association winds down (typically 60-90 days after the closing date).
The buyer's offers will be based on the as-is condition of the property and they will be responsible for any deferred maintenance after the closing date. How long is the deconversion sale process?
Section 15 sales generally take an average of 8-12 months from listing until close. There are milestones along the way such as marketing, buyer tours, buyer selection, having the vote, buyer's due diligence and closing paperwork.
In most cases, the buyers will allocate a certain percentage of the purchase price for upgraded unit credits. If a unit is eligible for an upgrade credit, the credit would be in addition to the baseline purchase price for the unit.
The association loan would get paid off from the proceeds from the sale. Unit owners would pay off their special assessment balance to the association at the time of closing. In most cases, after the association winds down (60-90 days after the closing date), any money remaining in the association bank account will get disbursed to the condominium owners based on their unit ownership percentages.
No. This can vary, but in general, buyers are willing to lease back the units for short term or longer term leases to the owners. Each owner would have the option to lease back or move out at closing. Typical terms are up to a year of leaseback at a rate at or lower than what the unit would rent for otherwise. Special situations typically are accommodated.
773-327-4975
mpetersen@33realty.com
357 W CHICAGO AVENUE CHICAGO, IL 60654
Sean Connelly is a principal with extensive experience in condo deconversion, multifamily investment sales, and strategic real estate advisory. He works with condominium associations, boards, and ownership groups to evaluate bulk sale opportunities, identify value, and navigate the complexities of the deconversion process from initial analysis through closing. His leadership combines market insight, transaction strategy, and investor positioning to help clients make informed decisions with confidence. Sean is known for a disciplined, results-driven approach focused on maximizing value while providing clear guidance throughout each stage of the transaction.
Matt Petersen is an investment broker specializing in condo deconversion and multifamily transactions. He works with condominium associations, board members, and ownership groups to evaluate bulk sale opportunities, understand market value, and navigate the deconversion process with clarity and confidence. His experience in investor positioning, transaction strategy, and buyer coordination helps clients move through complex decisions with a structured and professional approach. Matt is focused on delivering strong outcomes through clear communication, competitive marketing, and disciplined execution.
Aaron Zeitner is an investment broker with experience in condo deconversion and multifamily investment sales. He advises condominium associations, boards, and ownership groups on bulk sale opportunities, helping clients evaluate market conditions, investor interest, and transaction potential. His work is centered on clear communication, strategic positioning, and a disciplined sales process designed to support informed decision-making. Aaron helps guide deconversion opportunities from early evaluation through marketing and closing with a professional, results-focused approach.
Liam Moore is an investment broker focused on condo deconversion and multifamily sales. He works with condominium associations, boards, and ownership groups to evaluate bulk sale opportunities, understand market positioning, and move through the deconversion process with clarity and confidence. His approach combines strong communication, investor outreach, and transaction support to help clients navigate complex opportunities with a well-structured and professional process. Liam is committed to delivering strategic guidance and results-driven execution from initial evaluation through closing.