CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $1.575 million sale of a 12-unit multifamily building in Des Plaines, Ill., a northwest suburb of Chicago. The transaction equated to $131,250 per unit.
Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the local private buyer. Kennelly and Waterloo also represented the seller, a confidential local partnership. Originally constructed in 1963 as condominiums, the property was converted to rentals in the mid-2000s.
“The earlier condo deconversion of this property was in response to the need for rental space in the northwest suburbs – a demand that has not slackened in the years since,” said Waterloo. “Investors have a strong appetite for turnkey assets in desirable locations such as Des Plaines.”
Located at 1348 Brown St., the building includes 12 one-bedroom units. Recent extensive capital improvements include the gut renovation of seven units, the addition of an updated boiler system that allows for individual unit control and the installation of new windows, soffits, gutters, doors and front porch stairwell and railings. The buyer plans to finish renovating the remaining units as they turn over.
1348 Brown is approximately a mile from Metra’s Des Plaines station, served by the UP-NW line, and close to multiple Pace bus routes. The property is also within walking distance of numerous dining, shopping and entertainment options.
This is the fourth multifamily property Kennelly and Waterloo have brokered in the northwest suburbs since 2022. They represented both the buyer and seller in the $9.7 million sale of 1 N. Chestnut Ave., a 40-unit multifamily property in Arlington Heights. In addition, they represented both parties on another Arlington Heights property sale, the 34-unit 202-222 N. Salem Ave. that traded for $4.1 million. Kennelly and Waterloo also brokered the $1.32 million sale of the eight-unit 1950 Parkside Drive in Park Ridge.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com