Sale was one of the largest in Dolton, Ill., in past decade
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $2.66 million off-market sale of a three-building, 41-unit apartment complex at 14251, 14261 and 14315 Pennsylvania Road in Dolton, Ill., a suburb of Chicago about 15 miles south of the Loop. At $65,000 per unit, it is one of the largest multifamily transactions in Dolton in the past decade by price and number of units.
Interra Director Michael Duckler represented the confidential seller, who had owned the buildings for three years and updated all units. Duckler leveraged Interra’s network of investors to identify the private buyer, whom he also represented, and who plans to raise rents to market rate. Average rents in Dolton are up 28% over last year, according to Zumper.
“In Chicago’s south suburbs, investing at scale in multifamily properties is increasingly attractive as occupancy and collections remain on an upward trajectory,” said Duckler. “Although these submarkets are less well known to some brokers and investors, we were able to match the opportunity with the right buyer at a price that reflects the growing interest in submarkets like Dolton.”
The complex includes 33 two-bedroom units and eight one-bedrooms. Surface parking is available for all three buildings, which were nearly fully occupied at the time of the sale.
Located near South Suburban College, Chicago State University and Saint Xavier University, the apartments also are easily accessible to downtown Chicago via the Metra Electric Line and Interstate 94.
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.
