Page 6 - Chicago Cooperator Spring EXPO 2019

6 THE CHICAGOLAND COOPERATOR — SPRING EXPO 2019 CHICAGOCOOPERATOR.COM Wednesday, May 8, 2019 The Cooperator Expo Chicagoland Donald E. Stephens Convention Center, 5555 N. River Rd, Rosemont, IL 10:00 a.m. - 3:30 p.m. A must attend for all board members, property managers, condo, HOA & co-op decision makers and apartment building owners. Learn about the latest building services from more than 150 exhibitors, Attend educational seminars, network with your peers, and get free advice from industry experts. For information, visit www.chicagocondoexpo.com. Saturday, May 11, 2019 Kovitz Shifrin Nesbit: Disruptive Unit Owners Chicago Theological Seminary, 1407 E. 60th St., Chicago, IL 9:30 a.m. - 11:30 a.m. Community Investment Corporation (CIC) Property Management Training is hosting a new Residential Property Management Training Workshop titled “Disruptive Unit Owners.” Kovitz Shifrin Nesbit attorney Wendy Durbin will discuss four common types of disruptive unit owners within a community association and techniques on how to deal with them. Highlights include: a review owner rights, board/property manager responsibilities, proper documentation, practical and legal considerations. For information, visit www.ksnlaw.com. Monday, May 13, 2019 IREM: Managing People & Marketing/ Multifamily Track (MKL405 & HRS402) 2901 Butterfield Rd., Oak Brook, IL 8:30 a.m. - 5:00 p.m. When managing multifamily properties, you need a broad range of skills to manage your property operations successfully from both a short- and long-term perspective. Managing People & Marketing/Multifamily Track, the first of a two-part series, addresses leading your prop- erty management team to enhance performance and marketing and leasing concepts that will help your properties thrive in today’s competitive real estate market. For information, visit www.iremchicago.com. Wednesday, May 29, 2019 2nd Annual Deconversion Summit Maggiano’s, 516 N. Clark St., Chicago, IL 7:30 a.m. - 10:40 a.m. Find out where deconversions are happening, how long the trend will continue, and how you can get in on the action. For information, visit: www.rejournals.com. Thursday-Saturday, May 30-June 1, 2019 CAI: M-100 The Essentials of Community Association Management DoubleTree Hotel Chicago Arlington Heights, 75 West Algonquin Rd., Arlington Heights, IL 9:00 a.m. - 5:00 p.m. (May 30 and 31) 9:00 a.m. - 12:00 p.m. (June 1) Successful community management starts with the essentials! This comprehensive community association management course provides a prac- tical overview for new managers, an essential review for veteran managers and an advanced course for board members. Successful completion of the M-100 can be the first step toward earning the CMCA credential, awarded by CAMICB. For information, visit www.caionline.org. CAL EN D AR May-June 2019 PULSE/CALENDAR Property Management FirstService Residential Takes Leadership Position in Chicago FirstService Residential is expanding its Chicago property management port- folio with the acquisition of Lieberman Management Services, Inc. According to a press release, terms of the transaction were not disclosed. Simultaneously, the com- pany is partnering with Draper and Kramer Incorporated, which is exiting condomini- um management and transferring its condo- minium management division, DK Condo, to FirstService. The addition of Lieberman’s 250 proper- ties and 40,000 units under management will triple FirstService Residential’s client base in the Chicago area and bring the company’s management portfolio to more than 8,500 properties and over 1.7 million residential units throughout North America. “We are delighted to add this important Chicago market leader to our portfolio,” said FirstService Residential CEO Chuck Fallon. “Lieberman’s business is highly complemen- tary with ours. They have a diverse footprint in the Chicago area and are led by strong management who are aligned with our cul- ture. We welcome the Lieberman organiza- tion and look forward to their contributions in enhancing services to our clients and growing our business in the region.” Founded in 1971, Lieberman is a leading residential property management organiza- tion in the Chicago metropolitan area – the third largest market in the United States. Day-to-day operations for Lieberman will not change, and will continue to be led by CEO Carla Kennedy and her management team, all of whom have been with the com- pany over the past decade. As part of FirstService’s strategic part- nership with Draper and Kramer, Vice President Ian Novak will maintain his role and oversight over the former DK Condo portfolio within FirstService Residential. Other members of the DK Condo team, which includes over 100 licensed commu- nity association managers, will join Novak in the transition. How to Monitor Your Building’s Health It is imperative for a community asso- ciation and its management company to periodically monitor the health of their buildings. Chicago-based Hales Property Management highlighted the importance of that on its website by listing some important initiatives that buildings should take heed of. Among them are “Generate a building assessment to identify potential deferred maintenance projects for the building; have an attorney conduct a review of the govern- ing documents to ensure compliance with current condo law; and conduct a financial audit of past year expenses to ensure the best possible rates.” To learn more about each of the points raised by Hales, visit their website: www.halespropertymanagement.com. Transactions Lou Malnati’s Owners Put West Loop Condo on the Market The owners of the popular Chicago deep dish pizza chain Lou Malnati’s are selling their West Loop condo for $1.78 million, according to C rain’s Chicago Business. The 3,800-square-foot, three-bedroom unit on Adams Street comes with concrete ceil- ings, long balconies, and a wine room. The owners are Marc Malnati, whose father Lou Malnati founded the business, and his wife Jeanne. According to the Cook County Recorder of Deeds, the Malnatis purchased the apartment for $942,500 in 2012. Last June, the couple bought a three-bedroom condo at the north end of State Parkway for just over $3 million, Crain’s reported. Condo Makes Huge Sale at No. 9 Walton The biggest Chicago-area residential transaction so far this year involves a condo at the No. 9 Walton tower that sold for the asking price $11.27 million, according to the Chicago Tribune. The 7,085-square-foot apartment contains four bedrooms, four- and-a-half-bathrooms, and a library. The buyer of the unit has not been publicly iden- tified; the seller was the developer of No. 9, according to the report. The record for the biggest purchase at No.9, however, belongs to billionaire Ken Griffin, who bought four full-floor apartments in 2017 for a total of $58.75 million. Buyers Snap Up New Naperville Condos Before They’re Even Built Apparently the luxury condos at the new Central Park Place development on Naperville’s Washington Street are a hit with buyers. The Naperville Sun reported last March that about 30 percent of the proj- ect’s 17 apartments—whose construction was slated to begin this spring—were sold. Among the units listed were a three-bed- room/four-bathroom place for $1.5 million. A spokesperson for the project’s developers told the Sun that the apartments are “mov- ing quickly.” Mexican Billionaire Puts $8M Condo on the Market A Mexican copper mining company owner listed his condo at the Ritz-Carlton Residences for $8 million, Crain’s Chicago Business reported. The 3,500-square-foot, three-bedroom apartment on the 38th floor, which belongs to billionaire German Larrea Mota-Velasco, comes with a spacious living room, top-of-the-line appliances, and a ter- race. Mota-Velasco, whose family’s fortune is reportedly worth $14.2 billion, bought the residence as unfinished in 2014 for just over $3.57 million News Report: Former Chicago Mayoral Candidate’s Neighbors Complain of Noise From Her Condo According to a March 18 story in the Chicago Sun-Times, residents at a Hyde Park condominium alleged that their neigh- bor, former Chicago mayoral candidate Toni Preckwinkle, has not addressed their concerns involving past domestic distur- bance calls at her apartment. Citing police and court records, the newspaper reported that police had visited the condo eight times since January 2018, responding to incidents concerning Toni Preckwinkle’s 37-year-old son Kyle Preckwinkle and his family, all of whom live in the apartment. No arrests were made during that period. According to court records, one resident who lives above the condo was awarded a temporary no-stalking order against Kyle Preckwinkle three years ago after several confrontations between the two. Kyle Preckwinkle claimed no violence occurred at the apartment. Toni Preckwinkle, who bought the apartment in 2015 but resides elsewhere, offered no com- ment about the reports of disturbances. Neighbors have said the condo association and management have not done much to address their concerns of disturbances alleg- edly coming from Preckwinkle’s condo, such as “swearing, yelling and slamming.” Development City Council OK’s Lincoln Yards Project The $6 billion Lincoln Yards develop- ment project cleared a major hurdle this past March when the City Council voted 33-14 to approve the development, which had been championed by outgoing Chicago Mayor Rahm Emmanuel, Curbed reported. Developed by Sterling Bay and covering more than 50 acres, the proposed North Side’s mixed-use community promised offices, hotels, condos, shopping, and restau- rants—including 70-story skyscrapers – the Chicago Tribune reported. With that part of the zoning process done, the next step is the vote for a creation of a tax increment financ- ing (TIF) district that would subsidize over $1 billion in infrastructure costs, according to Crain’s Chicago Buisiness . The project has garnered opposition from politicians and community activists over the use of TIF and the speed of the approval process. According to a press statement released by the city, Lincoln Yards is expected create 34,000 jobs and 6,000 new homes – including 1,200 affordable units – for the next 20 years. n Work on Bentham Condos Begin The $6 billion Lincoln Yards develoIt appears a new condo project at Erie and Industry Pulse Please submit Pulse items to David Chiu at david@cooperator.com