CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of a 19-unit multifamily building in Oak Park, Ill., a western suburb of Chicago. The property sold for $1.4 million, equating to $73,684 per unit.
Interra Managing Partner Patrick Kennelly and Director Paul Waterloo represented the private seller. Kennelly and Waterloo also represented the confidential buyer. The property, located at 722-726 N. Austin Blvd., was 85% occupied at the time of sale.
The four-story property comprises 15 one-bedroom and four two-bedroom apartments. Originally built in 1940, it has been partially updated. A recent fire impacted six units, which the new owner plans to fully gut and upgrade. The building also includes four garage parking spaces.
“There remain a lot of multifamily buyers with capital to deploy, and they are highly motivated by properties with good upside in desirable locations,” said Waterloo. “Suburban assets are appealing to investors, and this one particularly so, due to the new owner’s ability to push rents following renovations and other improvements.”
722-726 N. Austin is served by Metra's Union Pacific West Line and a half-mile from the Austin Green Line CTA station.
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.