Inland Great Lakes, L.L.C. is headquartered
at 2901 Butterfield Rd, Oak Brook, IL 60523
630-218-8030
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What started out as an effort by Chicagoland's many successful
real estate groups,
to find an exit strategy for properties that had
reached their maximum tax advantage potential in the 1980's, has
turned into a powerhouse real estate company that has taken the
Chicago area by storm. Inland Great Lakes, L.L.C.(IGL Real Estate),
headquartered in Oak Brook, IL, has become a major player in the
condominium conversion and construction industry by targeting
a specific market of buyers looking for homes in the $125,000
to $350,000 range. They also provide a total condominium turn
key conversion package to property owners that includes property
management, remodeling, financing and sales.
"Originally, we were charged with the disposition of apartment
properties as an exit strategy to maximize returns for limited
partnership investors whose tax advantages under the pre-1986
tax law changes had been fully leveraged and we were to determine
how to dispose of them," says Nicholas J. Helmer, Chairman
of IGL Real Estate.
"We chose to convert many of these apartment properties
to condominiums, correctly predicting the now-strong condominium
market. In many cases it was simple to do because there was no
conversion necesssary. Several large syndicators owned quite a few properties that
had already been converted by other companies that failed in the
early 80's and were subsequently turned into condominium rentals.
We would put a sales team together, hang out a 'For Sale' sign
and sell these rented condominium homes to new individual owners,
most often to the tenants that lived there. In 1995, when we ran out of existing portfolios of condominiums
to sell, we really began to focus on buying older existing apartment buildings, doing
renovations, financing and management, and preparing them for condominium
sales."
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The field people and hands-on supervision is what makes
us so successful." says IGL's CEO Nicholas J. Helmer
(above) shown here reviewing construction plans for a North
Side coach house with job superintendent David Shelest.
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Location, affordability, value and resale govern IGL's more than
50 separate Chicagoland conversions.
Not just wanting to mimic the role of the typical condominium
conversion group, IGL compiled a three-fold approach that has
paved the way for their company's success. They do both fee management
and fee conversion of their own properties as well as for properties
owned by others. They do joint ventures with owners who have a
portfolio of apartments and see condominium conversion as the
best exit strategy. They also continue to buy product for themselves so that
they can earn standard commissions and participate in the profit
end of the business.
IGL's strategy on conversion is to take a property, evaluate
the physical structure inside and out, and typically reroof, paint
and reside the exterior, renovate the lobbies and interiors of
the units to be used as models, pave the parking areas and do
major grounds landscaping all in a 30- to 60-day period. They
then offer the units at a reasonable price and change many of
the existing renters into condominium owners. Many times, ownership
expenses equal what they would have spent on rent. This approach
opens the door to 100% of the potential home buying market.
"Most people cannot afford a million-dollar home with horses
in the backyard, but what everyone can afford is the product we
offer," says Helmer. "Eighty percent of our portfolio
is very affordable and practical to own. By offering a product
that everyone looking to purchase can afford, we stand a pretty
good chance of converting renters to homeowners."
The IGL staff brings to the table more than 30 years of experience,
wherewithal and knowledge of the industry. From graduate and master's
degrees in real estate and finance from Dominican University,
Marquette, Loyola and the University of Illinois as well as a considerable
number of years of hands-on knowledge, Helmer says that they pride
themselves on having the right people doing the right job. He
specifically notes his Senior Vice President and Area Supervisor
Michelle M. Testoni, Vice President of Marketing and Sales Teri
Lind, Controller Gina Alfonso, and Area Supervisor Bryant Bocinsky.
A great addition to IGL's team in 2004 was consultant Michael Pontarelli
with his vast experience in the construction business.
"The resources we have in house are phenomenal. Our key people are also investing in the company; they have
not only invested their time and efforts but their money as well
to help make this company grow. It is a good indication that they
are here to stay and will invest their full time and effort in
the jobs that they do. They go far beyond my expectations all
the time."
To provide continuity to all of their projects, IGL has a subsidiary
company, Owners Association Management (OAM), that manages the
interests of the new homeowners at each conversion project. With
a 60 percent retainment rate of management operations after conversions
have been completed, this has been a hallmark of OAM's success.
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One of our many Chicago condominiums
with a great view of the city or lake.
Take
a closer look
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"We try to bring every convenience that we can to a site,
so that it is one-stop shopping for the buyers when they come
in," says Michelle Testoni, Senior Vice President. "Every
site has a sales staff of its own and all are open seven days
of the week. Every project has models where people can come in
and look around and talk to the staff about the selections available
in our design centers for each newly rehabbed home. Since we begin
the remodeling process only after a contract has been signed,
our buyers become part of the design team by choosing cabinet
styles, flooring and other inclusions such as fireplaces and interior
decorations. We also have loan officers available from several
financing institutions to help determine affordability. For each
buyer, there is one sales person and construction manager that
they work with throughout the whole process."
The strength of the condominium sales market has now brought about
higher "buy-in" prices slowly but surely pushing the
affordability level well past the $450,000 mark, according to
Helmer. "Competition for product has become so keen that,
in some cases, residential real estate is actually selling for
more than the original asking price. The net effect of this is
a higher price to the consumer. While we still aim for the $125,000
and up sales price level, over 20% of our portfolio is
now priced at $225,000 and above. This pricing level still represents
a good value for the first-time home buyer with mortgage rates
currently at an all-time low. The future looks bright for sellers,
developers and home buyers. Synergistically, everyone benefits
from this boom from mortgage companies to retailers to the media
with increased advertising and the jobs that are generated.
Our investor condominium sales program starts at only $109,900."
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Helmer notes "Our rental properties continue to flourish
and those that are not interested in buying, find great
affordability in our properties. Savanna Ridge in Grayslake
and Royal Oak in Gurnee are prime examples of our well kept
and well managed rental communities."
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To date, IGL Real Estate has converted thousands of units
in 52 separate projects making them one of the largest condo converters
in the Chicago area. But their rampant success is not something
that Helmer or his staff will dwell on. "We have to continually
look to grow and what we anticipate for the future and not spend
too much time focusing on the success that we are enjoying now,"
he says. "Primarily we want to focus on being thought of
as the solution for property owners who are looking for a profitable
exit strategy. We want to be the trouble shooters, we want to
be the managers, we want to act as the developers, we want to
be the builders and sellers of that property. This is a great time to buy real estate. Home
ownership at all affordability levels has always been the American
dream. Now, we at IGL have been able to turn this dream into a
reality."
Taken from article written by Deborah Rider Allen and edited
by Inland Great Lakes, L.L.C.
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