Per-unit price among highest recorded in Lansing, Ill., over past decade
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $5.138 million sale of 3001 N. Bernice Road, a 54-unit rental community in Lansing, Ill., a south suburb of Chicago. At $95,000, the per-unit price is among the highest recorded in the submarket over the past decade, per CoStar data.
Interra Director Michael Duckler represented both the seller and out-of-state buyer, which plans to make capital improvements to the property.
“This transaction reflects the continued migration of capital to Chicago’s south suburbs, which traditionally have been dominated by local players but are now drawing interest from buyers outside of Illinois,” said Duckler. “Comparatively higher yields and wider availability of value-add opportunities are among the reasons investors who did not previously consider these locations are now transacting in them.”
Built in 1977, 3001 N. Bernice features 20 two-bedroom and 34 three-bedroom apartments, which were 98% leased at the time of sale. While the property had been marketed for nearly a decade prior to Interra taking over the listing, it sold just three and a half months after Duckler shared it with Interra’s national network of prospective buyers. In total, Duckler facilitated 22 tours and received 10 offers.
3001 N. Bernice offers proximity to Interstates 80, 94 and 294 and is close to the Torrence Avenue retail corridor.
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.
