What 3L does

3L Real Estate (legal name 3L Real Estate, DBA "3L") is a privately held U.S. real estate investment and development firm founded in 2015 by Joseph W. Slezak, headquartered at 200 N Kimball Avenue, Southlake, Texas, with additional offices in Chicago, Dallas, and Milwaukee. The firm specializes in adaptive reuse — most notably office-to-residential conversion — acquiring legacy and often distressed commercial buildings in urban cores and transforming them into market-rate rental apartments. The company also engages in third-party development and turnaround services, exemplified by its salvage-and-completion role at 45 Erieview Plaza in Cleveland. The core technology is a proprietary, standardized conversion playbook covering due diligence, budget mapping, high-density layout design standards, and project management protocols, combined with a "pod strategy" of clustering nearby properties for operational efficiencies and broader institutional buyer appeal at exit.

The portfolio spans 14+ properties and 1,500+ units across Chicago, Milwaukee, Dallas, Fort Worth, Houston, and Cleveland, with notable historic-asset conversions including the Johnson Publishing Building (former Ebony/Jet headquarters, 150 units), the Yellow Cab Building (137 units, EPA Energy Star certified), 735 W Wisconsin Avenue in Milwaukee (144 units, fully leased in 2019), and the Fort Worth National Bank Building (325–340 planned units). Revenue is generated through three streams: recurring apartment rental income from converted units at entry-level price points targeted at young urban professionals; one-time property dispositions and recapitalizations to institutional investors and LP partners (enabled by the pod strategy); and professional real estate development services for third-party owners. The firm distributes apartments through its own leasing teams and property-specific websites, while acquisition deal flow is sourced through a deep network of lenders, brokers, and municipal contacts. The company has not disclosed any external funding rounds and is led by a small core staff of approximately 20–25 supplemented by industry advisors with decades of experience.

Name

3L

Legal name

3L Real Estate

Website

https://3lre.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

3L Real Estate is a private U.S. developer founded in 2015 that acquires legacy and distressed office buildings in Midwest and Texas urban markets and converts them into market-rate rental apartments, serving individual urban renters and institutional investor exit partners.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Lessors of Real Estate (5311), Lessors of Other Real Estate Property (53119), Residential Remodelers (236118)

SIC

Real Estate Dealers (For Their Own Account) (6532), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

akta.pro secondary industries

Commercial Real Estate Brokerage (Leasing & Sales) (FSAEAJAB), Residential Investment Property Brokerage (SFR/Small Multifamily) (BPAJAAAE)

Keywords

• Office-to-residential conversion
• Adaptive reuse development
• Multifamily housing investment
• Historic building redevelopment
• Urban residential real estate

Headquarters

HQ city

Rosamond

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Apartment Rental Income: Stable recurring revenue from leasing converted residential units. Units targeted at entry-level price points to maximize occupancy. Revenue stream is resilient across interest rate cycles—high rates elevate rents; low rates reduce conversion costs.
2. Property Disposition / Portfolio Exit: Selling stabilized properties to institutional investors or recapitalizing through cash-out refinancing. The pod strategy enables portfolio exits across multiple adjacent properties, appealing to broader buyer pool than siloed assets.
3. Real Estate Development Services: Development and renovation services for third-party property owners, including turnaround advisory for distressed projects (e.g., 45 Erieview Plaza in Cleveland).

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

3L Real Estate acquires underperforming, vacant, and historic office buildings in major US metros and converts them into market-rate multifamily apartment residences. The company sources properties from public, private, distressed, institutional, university, and special servicing entities; performs adaptive reuse conversions; and either holds stabilized assets for recurring rental income or sells them to institutional investors and LP partners through portfolio-level pod exits.

Product overview

3L Real Estate operates as a real estate investment and development firm specializing in office-to-residential adaptive reuse conversions. The company acquires legacy buildings in urban markets (primarily Chicago, Milwaukee, Dallas, Fort Worth, Houston, and Cleveland) and transforms them into market-rate apartments. The portfolio consists of 14+ properties totaling over 1,500 residential units. The core offering is the acquisition, transformation, and management of converted properties, with a focus on office buildings and other commercial structures being reimagined as housing. The company's approach emphasizes cost-conscious development, entry-level pricing, and preserving historical character while delivering consistent returns for investors.

Differentiator

Problem solved

Functional benefit

Products and services

• 735 W Wisconsin | Milwaukee 144-unit apartment property converted by 3L Real Estate from a 12-story office building in Milwaukee's Westown neighborhood, totaling 106,000 square feet with a $20M project budget; fully leased in 2019.
• 61 E 21st Street | Chicago (Yellow Cab Building) 137-unit residential conversion of the historic Yellow Cab Company headquarters in Chicago's South Loop Corridor, a 6-story vintage building with EPA Energy Star certification and a $25M project budget; fully leased within 12 months of opening.
• 820 S Michigan Ave | Chicago (Johnson Publishing Building) 150-unit designated historic landmark apartment property in Chicago converted from the former Johnson Publishing Company (Ebony/Jet) headquarters, with 118,000 square feet and a $37M project budget; features views of Lake Michigan and Grant Park.
• 731 S Plymouth Court | Chicago 96-unit market-rate apartment property (375 beds) converted from former Columbia College Chicago student housing in the South Loop, totaling 152,000 square feet with a $28M project budget.
• 401 W Michigan Ave | Milwaukee (The Buckler) 207-unit, 11-story apartment building of approximately 250,000 square feet in downtown Milwaukee, converted from the former Blue Cross Blue Shield Wisconsin headquarters; acquired by 3L in 2021.
• 740 N Plankinton Ave | Milwaukee (RiverWalk Lofts) Mixed-use residential property with 133 planned apartments, converted from an 8-story office building in downtown Milwaukee with rooftop amenities overlooking the Milwaukee RiverWalk; acquired in May 2021.
• 5401 S Cornell Ave | Chicago 163-unit, 10-story apartment building of approximately 91,000 square feet in Chicago's Hyde Park neighborhood, originally the Catholic Theological Union headquarters; acquired in late 2021 with modest renovations.
• 501 W Elm St | Dallas 120-140 unit multifamily property being fully renovated by 3L from former creative and technology offices in Dallas's historic West End district; 3L's first project outside the greater Midwest, acquired in late 2021.
• 115 W 7th St | Fort Worth (Fort Worth National Bank / Oncor Building) Historic Fort Worth National Bank Building undergoing office-to-residential conversion, with a 16-story tower plus 4-story addition and 325-340 planned apartments across approximately 314,514 square feet; acquired in 2023.
• 1021 Main Street | Houston Historic office building in downtown Houston acquired by 3L in 2025 for revitalization and transformation into future mixed-use following the loss of major tenants.
• 45 Erieview Plaza | Cleveland Third-party office-to-residential adaptive reuse development and turnaround engagement for the historic 45 Erieview Plaza in Cleveland, where 3L was retained to salvage, complete construction, and manage lease-up of the luxury conversion after prior development challenges.
• 5445 S Ingleside Ave | Chicago 123-unit apartment complex of 49,609 square feet in Chicago, originally built as a 1920 parish retirement home and renovated by the University of Chicago in 1991; acquired by 3L in 2016.
• 5540 S Hyde Park Blvd | Chicago 187-unit, 7-story adaptive reuse apartment building of 86,304 square feet in Chicago's Hyde Park, originally a hotel built in 1926; acquired from the University of Chicago in 2016, with lobby, game room, library, computer lab, and exercise room.
• 5748 S Blackstone Ave | Chicago 81-unit, six-story apartment building of 35,000 square feet in Chicago, originally designed by architect Ralph D. Huszagh and built in 1930; acquired from the University of Chicago in 2016, featuring keyless entry.

Quantifiable outcome

• 100+ properties and 6,000 units completed across career
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• BJB PartnerscoreStrategic or Co-development PartnerFounder Donal P. Barry Sr. co-founded BJB Partners in 1972. CEO Joseph Slezak rose from intern to partner at BJB, where he designed and implemented efficient footprint and adaptive reuse strategies that he continues to innovate at 3L. BJB developed multi-family residential buildings through new construction, adaptive reuse, and major renovation primarily in greater Chicago.
• Krol & Associates / SC-CA / CA VenturesminorStrategic or Co-development PartnerFounder Jeffrey Krol leads Krol & Associates and is partner in SC-CA Ventures and CA Ventures, together responsible for $6-7 billion in commercial real estate projects involving student, family, and senior housing, and commercial space.
• Cedar Realty (David LaBunski)minorStrategic or Co-development Partner35-year Chicago real estate professional providing property management, representation, and development expertise across various property types.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• CA Ventures: Multifamily and student housing developer with $6-7B in commercial real estate projects. Existing 3L partner through Krol & Associates; directly comparable in adaptive reuse and multifamily development across US markets.
• Wood Partners: Large US multifamily developer and owner-operator with extensive adaptive reuse and ground-up development experience. Comparable in scale, urban market focus, and institutional capital relationships.
• TF Cornerstone: Privately-held multifamily developer and owner-operator with significant urban infill and adaptive reuse projects. Comparable in business model of owning, operating, and developing urban multifamily housing.
• GID Investment Advisers: Vertically integrated real estate investment and operator with multifamily and adaptive reuse focus. Comparable in principal investing model, urban market concentration, and institutional LP base.
• Quintain: UK-based specialist in large-scale office-to-residential and mixed-use conversion (notably Wembley Park). Closest international peer in pure-play adaptive reuse expertise at portfolio scale.
• Broe Group: Privately-held real estate investment firm with diversified multifamily, office, and adaptive reuse holdings. Comparable in private operating company structure and cross-cycle real estate investing approach.

Broad incumbents

• Toll Brothers Apartment Living: Multifamily development arm of Toll Brothers (publicly traded homebuilder). Broader, well-capitalized competitor in urban multifamily with stronger institutional brand but less specialized in adaptive reuse.

Others

• AvalonBay Communities:
• Cushman & Wakefield: Global commercial real estate services firm active in office-to-residential conversion advisory, brokerage, and capital markets. Adjacent enabler rather than direct competitor; comparable market positioning to support 3L's broker network.
• JLL (Jones Lang LaSalle): Global real estate services and investment firm with dedicated capital markets and adaptive reuse practices. Adjacent broker/servicer rather than direct competitor; relevant for institutional exit intermediation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/3-l-real-estate

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 3L