X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-In light of economic conditions, @properties has founded an institutional services group for owners and investors of REO properties, distressed real estate and foreclosures. The group will offer brokerage, receivership, asset preservation, property management, consulting, development and investment-advisory services to its clients for the disposition or acquisition of mortgage notes and residential and commercial properties.

Services will focus on Chicago area real estate spanning the asset classes of single- and multi-family residential, single- and multi-tenant retail properties, condo conversions and new construction developments, 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,” says Thaddeus Wong, @properties co-founder. “We feel it makes sense to structure these services under a formal group. @properties Institutional Services Group will leverage the substantial marketing resources, tech infrastructure and sales force that already exist within @properties to serve institutional clients more efficiently and effectively.”

The new division will also secure listings and orchestrate activities with agents that market and sell real estate foreclosures and distressed properties.

Wong and co-founder Michael Golden named Ralph Cram and John Staib as managing directors overseeing the Institutional Services Group. Cram said @properties’ size and resources, as the largest independently-owned residential brokerage firm in Chicago, will benefit its clients and offer a strong foundation for the new group.

“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,” Cram says. “However, @properties Institutional Services Group 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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.