The real estate market is defined by cycles, but success belongs to those who possess the vision to transcend short-term volatility and build lasting value.
B3 Companies, a vertically integrated development, investment, and construction powerhouse, has mastered the art of transforming opportunistic real estate assets into purposeful, enduring spaces that enrich the communities around them.
We spoke with the B3’s CEO Simon Berger and Partner Adam Jidd, about their unique business model, the power of their partnerships, and their commitment to building a legacy on the North Shore of Chicago.
The North Shore renaissance
B3’s approach is a tactical blend of aggressive acquisition and localized, quality-driven development across its residential, commercial, and construction divisions.
For CEO Simon Berger, this strategy took shape before the end of the financial crisis in 2009.
“I got into the game with very little capital, buying distressed assets at auction and bringing them back to life,” Berger says, describing his early career acquiring and revitalizing multifamily units on Chicago’s South Side. His desire to convert distressed deals into stable, vibrant properties now defines B3’s approach across three main facets: B3 Homes (luxury residential), B3 Commercial (multifamily and mixed-use), and B3 Industrial (flex industrial).
B3’s focus has since shifted to the North Shore of Chicago, where Berger grew up. He has become adept at identifying dormant sites and reimagining them for the modern market, with a deeply personal consideration for the community around them.
One of B3’s most notable acquisitions speaks directly to this talent for both new opportunity and legacy preservation: the property at 201 Ridge Road in Wilmette, IL. The site, which hadn’t changed hands in nearly 200 years, was purchased from the Hoffman Higgins Homestead Farm Foundation.
“When you talk about a property that was owned by a family foundation since before the city was even named Wilmette, you realize the magnitude of the trust being placed in you,” Berger says. “The family loved what we had done with the Hoover Estate in Glencoe and was happy to learn how we could continue its legacy.”
B3 is now reimagining its future as a stunning 24-unit boutique apartment complex, designed to bring elevated, timeless living to the heart of Wilmette. While the acquisition came with the unusual risk of taking on entitlements before closing to honor the family’s request for an expedited sale, it underscores B3’s commitment to community and preservation.
Executing the vision
Integral to B3’s success is its foundational partnership. To form the company, Berger joined forces with Adam Jidd, a Partner at B3, whose expertise lies in banking and finance.
“Simon had the real estate background, I had the lending and financing expertise,” says Jidd. “It was a good marriage. We saw eye-to-eye on one foundational principle: understanding opportunities and executing quickly.”
This shared vision and focus led to their first major win with the 2024 acquisition of the Hoover Estate in Glencoe.
“The developer just couldn’t figure out what to do with it,” said Berger. “We came in, made a deal with the former developer, and started working with the village on zoning and entitlements to get us across the finish line. We closed and started moving dirt the very next day.”
Completed well ahead of the city’s 36-48 month estimates, B3 moved fast, subdividing the 14 acre lot into 29 ready-to-build lots.
“We sold out in five months,” said Jidd. Nearly 10 homes have begun construction since then, with more planned.
Construction for community impact
The precision and speed of B3’s execution are facilitated by an exclusive partnership with Kinzie Group, led by Principal Steve Spinell, who serves as B3’s dedicated construction arm. Spinell, a general contractor with over 30 years of experience, met Berger during his early acquisition days.
Kinzie Group works with B3 “hand in glove,” involved from the earliest stages of zoning and entitlements to project execution. Their role is to maximize quality and optimize cost, all while ensuring that B3’s commitment to community impact is never compromised.
“They are very invested in making sure that their product and their reputation is intact,” Spinell says. “And, quite honestly, they won’t let money get in the way of that reputation.”
Spinell recounts a recent project in Highland Park where the team readily invested an unbudgeted $200,000 to add a second entrance to a planned community, accommodating requests from the public for enhanced safety and flow, despite the development already being fully approved.
“They didn’t even hesitate. They said, ‘If that’s what you think is right, let’s do that.’ Their character is uncompromised,” says Spinell.
For Berger, this ethos defines B3’s success. “I’m grateful to be able to take these old sites that people have wondered about for years and revitalize these spaces,” Berger says.
By effectively balancing the bold acquisition of distressed assets with a foundational commitment to quality and community stewardship, B3 Companies has defined a new standard in modern development excellence.To learn more about B3 Companies, visit their website.