CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $10.4 million sale of reVerb Century Station, a mixed-use property in Berwyn, Ill. – a record price for multifamily or mixed-use properties in the suburb, per CoStar data. The 52-unit apartment building with 10,662 square feet of ground-floor commercial space traded for $185,714 per unit.
Interra Senior Managing Partner Joe Smazal, Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the confidential seller. Smazal, Kennelly and Waterloo also represented the buyer, an undisclosed investment group that assumed the loan from the seller.
“This sale – a new high-water mark for Berwyn – signals a continuation of buyer appetite for high-quality suburban properties,” said Kennelly. “We completed the transaction in less than 10 weeks from contract to close, which is not only a remarkably quick time frame considering the buyer assumed the existing loan, but also further demonstrates the strong demand for properties of this caliber.”
Located at 3200 S. Oak Park Ave., reVerb Century Station was constructed in 2010. The property features four ground-floor retail suites, 12 one-bedroom apartments and 40 two-bedroom units. All residences feature in-unit laundry and have been recently improved with new vinyl flooring, stainless steel appliances and modern closet systems. Amenities include a lobby with intercom entry, elevator, heated garage and exterior parking. The buyer plans to renovate common areas and add a package system for residents.
Situated in Berwyn’s historic district, reVerb Century Station is within walking distance from the suburb’s largest employer, MacNeal Hospital, as well as retail and dining options along Harlem Avenue. The property is one block from the Berwyn Metra station, served by the BNSF line, and less than 4 miles from both the Eisenhower and Stevenson expressways.
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.