Interra Realty, a Chicago-based commercial real estate investment services firm, today announced Managing Partner Patrick Kennelly and Director Paul Waterloo brokered the $5.97 million sale of three multifamily properties in Oak Park, Berwyn and Forest Park, all near west suburbs of Chicago. The properties were owned by a single confidential seller and purchased by three different private buyers.
“Well-located apartment buildings in the suburbs, especially inner-ring suburbs, continue to be in demand, as reflected by the quick sale of this portfolio,” said Kennelly, who with Waterloo represented the seller and all buyers. “Each property offered proximity to transit and a walkable location close to shops and restaurants. Leveraging our national network, we were able to generate significant interest and close at almost full price in under a month, helping the seller meet an end-of-year deadline.”
The transactions include:
935 South Blvd., Oak Park – $4.2 million
Waterloo and Kennelly brokered the $4.2 million sale of 935 South Blvd., a three-story, 31-unit apartment building in downtown Oak Park, about 10 miles west of Chicago. The price per unit was $135,484. The seller had updated 16 of the units, leaving room for the buyer to improve remaining ones if desired.
935 South Blvd. includes four studios and 27 one-bedrooms. Amenities include a renovated shared laundry room and large parking lot.
The property is less than a half-mile from the Cottage Grove Green Line station, less than a mile from the Oak Park Metra station and less than 2 miles from Interstate 290. Residents also have easy access to shopping, dining and businesses in downtown Oak Park.
3522-3530 S. Oak Park Ave., Berwyn – $1.15 million
Waterloo and Kennelly also brokered the $1.15 million sale of 3522-3530 S. Oak Park Ave., a two-building, 12-unit rental community in Berwyn. The price per unit was $95,833.
Built in 1960, 3522-3530 S. Oak Park Ave. includes four one-bedroom units and eight two-bedrooms. There are five surface parking spaces and two laundry rooms.
Located near the intersection of U.S. Route 34 and Oak Park Avenue, about 12 miles west of downtown Chicago, the property is served by a range of public transit, including bus routes offering connecting service to the Blue, Pink and Green lines. It also offers direct access to Interstates 55 and 290. Residents can enjoy shops and restaurants on Route 34 as well as in downtown Berwyn, less than 2 miles north of the property. Concordia University Chicago, Dominican University and several hospitals are also nearby.
1214 Marengo Ave., Forest Park – $620,000
The third property brokered by Waterloo and Kennelly was 1214 Marengo Ave, a six-unit rental property in Forest Park that sold for $620,000. The price per unit was $103,333. Two of the apartments were already renovated, and the seller made other improvements to the building.
Built in 1965, 1214 Marengo comprises four one-bedroom and two two-bedroom units. Located near the intersection of Harlem Avenue and Roosevelt Road, about 10 miles west of Chicago, the property offers easy access to the city via Interstate 290 and the Blue Line. Nearby employers include Loyola University Medical Center.
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 $1 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.
