Chicago, May 30, 2017 (GLOBE NEWSWIRE) -- @properties, the largest independent residential brokerage firm in Illinois, is making a major push into Chicago’s robust apartment market with the acquisition of two apartment brokerage firms and the formation of a new, full-service luxury apartment rental division. @properties co-founders Thaddeus Wong and Michael Golden made the announcement.
@properties acquired StudentSpace and MedResidences, two apartment-finding services that exclusively represent graduate students and medical professionals, including residents and fellows, in their search for Chicago-area housing. StudentSpace and MedResidences were co-owned by Tyler Roth, who led all operations. Roth has been retained to serve as president of @properties’ Rental Division. In addition, @properties is launching a third offshoot called Chicago Luxury, which will focus on luxury apartment leasing, serving tenants as well as landlords.
The rental division will take over @properties’ former Fulton River District office at 618 W. Fulton St.
According to Wong and Golden, the rental division will allow @properties to better serve a wide range of clientele amid a boom in apartment construction. Nearly 8,000 new luxury apartment units will be delivered in downtown Chicago over the next two years, according to Chicago-based Appraisal Research Counselors. Meanwhile, @properties brokered over 6,300 total residential lease transactions in 2016 without the benefit of a formal, dedicated division.
“We’re looking to expand our rental business alongside our for-sale brokerage business, and we believe we can offer a higher level of service to today’s renters and landlords, as well as the brokers who serve them,” said Wong.
“Luxury rentals is a huge market and it’s also a natural catalyst for future for-sale business as more luxury renters transition into homeownership,” added Golden. “Adding these business lines allows us to introduce @properties to clients earlier in the continuum of real estate services and forge strong connections to our brand.”
“Between its innovative marketing and technology and its vast network of brokers, @properties offers the best platform to scale these services and become the premier rental brokerage in the city,” said Roth. “I’m excited to join the team and help take the company’s rental business to the next level.”
StudentSpace was founded in 2005 as a free service that exclusively represents graduate students, professors and anyone else affiliated with graduate programs in their search for housing in the Chicago area. MedResidences offers the same services for residents, fellows and various other medical professionals. Both services have long-standing relationships with local MBA programs, law schools, medical schools, hospitals, and several other graduate programs in Chicago including psychology and social services programs. Together they have successfully placed thousands of tenants in Chicago-area properties.
In addition to Roth, @properties’ rental division is currently staffed by Ginger Bonneau, Mary Kate Keppler, Conner Meinhart, Robin Scaro, Jennifer Manis and Brigitte Serrato. Roth plans to add additional brokers over the next year.
About @properties
Established in 2000, @properties is the No. 1 real estate brokerage firm in the city of Chicago, the largest independent residential brokerage firm in Illinois and one of the top 11 residential brokerage firms in the U.S. by sales volume. @properties has more than 2,200 licensed brokers in 24 offices throughout downtown Chicago, surrounding suburbs, Southwest Michigan and Southeast Wisconsin. For more information, visit www.atproperties.com.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8c87664b-3074-4076-bf77-9a4294c084bc
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/eea15003-afbd-4458-b651-c7a39e48a0cb