NEWS & VIEWS
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Out With The Old: College to Find New Home for Plymouth Court Amenities
THE CHRONICLE | 9.17.2018
The last Columbia-owned student housing building was sold over the summer to 3L Real Estate to be converted into residential apartments, leaving the college to determine how the student center will accommodate for the building’s amenities. Plymouth Court, 731 S. Plymouth Court, was put on the market in September 2017, with 3L Real Estate agreeing to buy the building in a deal valued over $20 million. Brian Berg, spokesperson for 3L Real Estate, said the company allowed the college to continue to lease Plymouth until the completion of the new student center, which is scheduled to be finished spring 2019.
3L Real Estate Brings 144 New Apartments to Milwaukee’s Westown Area
RE JOURNALS | 7.31.2018
The $15 million transformation of the Wells Fargo Bank building into 144 affordable rental apartments is adding momentum to downtown Milwaukee’s surging Westown neighborhood. Nearly a year after acquiring the 110,000-square-foot, 12-story tower at 735 W. Wisconsin, 3L Real Estate has completed the conversion and renovation of 79 one-bedroom apartments and 65 studios. The new units, which are now available for rental, will support the demand for apartments within walking distance of the city’s mix of retail, dining and entertainment options, including the new Wisconsin Sports and Entertainment Center, the new home of the Milwaukee Bucks, the Old World Third Street, the historic heart of the city’s German community and Marquette University.
Multifamily Developers Eye Downtown Student Housing
GLOBEST. | 7.23.2018
The downtown area has filled up with thousands of student housing units, but the extraordinary demand for multifamily housing has added another factor to local universities’ real estate calculations. Columbia College, for example, has just sold its landmark 731 S. Plymouth Ct. building to 3L Real Estate, a developer of vintage residential properties. Cook County records show the new owner took out a $21 million mortgage on the property. 3L Real Estate plans to lease the seven-story, brick and stone building back to the school, which has used it for student housing since the early ‘90s, for one year to house roughly 350 students. Afterwards the developer will convert its units into a collection of one-, two-, and three-bedroom apartments.
3L REAL ESTATE WILL CONVERT SOUTH LOOP STUDENT HOUSING INTO MARKET RATE APARTMENTS
Bisnow | Chuck Sudo | July 18, 2018
3L Real Estate completed its second real estate acquisition in 12 months in the South Loop from Columbia College Chicago. The adaptive reuse specialists bought 731 South Plymouth Court from the liberal arts school, in a deal valued at more than $20M. Columbia College put the 343-room building on the market in September. The school will lease the building for the 2018-19 school year, allowing the school to house students and various offices while construction of its new $50M student center at Wabash Avenue and Eighth Street continues. 3L Real Estate CEO Joseph Slezak said his firm will then redevelop the building into market rate apartments. The firm partnered with Skydeck, the investment arm of the Polsky family, on the redevelopment plan.
JOHNSON PUBLISHING BUILDING TO BECOME APARTMENTS AFTER $10 MILLION SALE
Chicago Tribune | Ryan Ori | November 29th, 2017
The former Johnson Publishing headquarters, the longtime home of Ebony and Jet magazines, is getting a new title: apartment building. Developer 3L Real Estate has paid more than $10 million for the 11-story office building on South Michigan Avenue, with plans to invest about $20 million more converting it into 150 apartments, 3L Real Estate CEO Joe Slezak said.
3L REAL ESTATE TO SPEND UP TO $20M TURNING THE JOHNSON PUBLISHING BUILDING INTO APARTMENTS
Bisnow.com | Chuck Sudo | November 29, 2017
The Johnson Publishing Building, once home to the legendary black-owned Ebony and Jet magazines, has a new lease on life as apartments. 3L Real Estate bought the landmarked building from Columbia College Chicago for $10M and plans to invest another $15M to $20M converting the 11-story office building into apartments.
NEW OWNER OF JOHNSON PUBLISHING BUILDING EYES NEARBY PROPERTY
After buying the landmark Johnson Publishing headquarters building from Columbia College, local developer 3L Real Estate is already cooking up its next big deal with the South Loop school.
3L has agreed to buy a 343-bed student housing complex at 731 S. Plymouth Court from Columbia, confirmed 3L CEO Joe Slezak. The firm may keep running the property as a student residence or convert it into traditional apartments, he said.
THE HOTTEST NEIGHBORHOOD YOU’VE NEVER HEARD OF
CRAIN’S CHICAGO BUSINESS | By, DANNY ECKER | August 26th, 2017
Milan Rubenstein was nervous when he spent $19 million on a slew of mostly vacant properties on the Near South Side three years ago. Historic Motor Row on South Michigan Avenue and the area surrounding the McCormick Place convention center were so plagued by developmental false starts that even a new CTA train stop, 10,387-seat arena, 40-story hotel and a vow from the city of Chicago to transform the neighborhood into an entertainment district were no guarantee that his big bet would pay off.
IN ADAPTIVE REUSE, THE RISKS (AND THERE ARE MANY) ARE WORTH THE REWARD
Bisnow Chicago | Chuck Sudo | July 27, 2017
Adaptive reuse of older real estate comes with more inherent risks than the ground-up variety. And the panelists at our Chicago repositioning and adaptive reuse event at the Loews Chicago Hotel yesterday said they would not have it any other way.
3L REAL ESTATE CLOSES ON WELLS FARGO BANK BUILDING
URBAN MILWAUKEE | May 19, 2017
Adding to the vibrancy of a thriving urban center, 3L Real Estate today announced its purchase and planned renovation of the 12 story building at 735 West Wisconsin Avenue. The building will be converted into a residential building, complete with amenities that are sought after by the growing market of renters who value the attractions and vibrancy of city centers.
CHICAGO FIRM BUYS WEST WISCONSIN AVENUE OFFICE BUILDING
BIZTIMES.COM | by Corrinne Hess | May 19, 2017, 10:30 AM
(Milwaukee, WI – May 19, 2017) Adding to the vibrancy of a thriving urban center, 3L Real Estate today announced its purchase and planned renovation of the 12 story building at 735 West Wisconsin Avenue. The building will be converted into a residential building, complete with amenities that are sought after by the growing market of renters who value the attractions and vibrancy of city centers.
NEW OWNER TO CONVERT OFFICE BUILDING ON DOWNTOWN MILWAUKEE’S WEST SIDE TO APARTMENTS
Milwaukee Journal Sentinel | By Tom Daykin | Published 10:48 a.m. CT May 19, 2017
An underused office building on downtown’s west side will be converted into nearly 150 apartments, the latest in a series of similar nearby projects. The 12-story building, at 735 W. Wisconsin Ave., has been sold to Rosemont, Ill.-based 3L Real Estate, the firm announced Friday.
DEVELOPER PLANS 110 APARTMENTS NEAR MCCORMICK PLACE
CRAINS CHICAGO BUSINESS | By, ALBY GALLUN | October 03, 2016
Another developer is diving into the neighborhood around McCormick Place, buying an empty warehouse near the convention center that it plans to convert into 110 apartments. 3L Real Estate has acquired the five-story vintage building at 57 E. 21st St., betting that the city’s push to reinvigorate the neighborhood will attract more people who want to live there.
SOUTH LOOP LOFT TO BE CONVERTED INTO APARTMENTS
DNA INFO | By, David Matthews | October 03, 2016
More apartments are on deck in the South Loop, where a developer plans to convert a Motor Row loft to more than 100 apartments. A venture led by Chicago-based 3L Real Estate on Friday bought the five-story warehouse at 57 E. 21st St., with plans to spend $10 million on the apartment conversion, 3L chief Joseph Slezak said.
FORMER U. OF C. DORMS REOPEN, NOW RENTING AS STUDIO APARTMENTS
DNA INFO | By Sam Cholke | August 19, 2016
The university closed Broadview, Blackstone and Maclean halls in June with students moving to the new Campus North Residence Hall in the fall, and the new owner 3L Real Estate has now reopened the buildings as mostly studio apartments.
UNIVERSITY OF CHICAGO SELLS HYDE PARK DORMS
CRAINS CHICAGO BUSINESS | 7.18.2016
The University of Chicago continues to unload student housing, selling three buildings near its Hyde Park campus as it seeks buyers for more. 3L Real Estate, a Chicago real estate investment firm, said it has acquired the three residence halls totaling 391 units from the university, 3L’s first acquisitions since it was founded last year.
NEW CHICAGO-BASED DEVELOPER PURCHASES THREE BUILDINGS IN U OF C PORTFOLIO
PRESS RELEASE | 7.13.2016
Three newly acquired residential structures previously owned by the University of Chicago, will now provide affordable, well-appointed living space to Hyde Park renters. In a purchase finalized late last week, 3L Real Estate is stepping in to create Hyde Park Places a three-building collection along Hyde Park Boulevard, Blackstone and Ingleside Avenues for the students and emerging professionals drawn to this vibrant urban climate.