Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $1.5 million sale of 1941 Kenilworth Ave., a 24-unit apartment building in west suburban Berwyn, Ill. The sale price equates to $62,500 per unit.
Interra Realty Managing Partner Patrick Kennelly represented the private seller and buyer, who plans to extensively renovate the building.
“Because the property required extensive capital improvements, we applied our thorough understanding of the city of Berwyn’s building codes to help prospective buyers see the value that could be created following the acquisition,” said Kennelly. “The buyer owns other rental properties nearby, so bringing back the former glory of this decades-old building will benefit the entire portfolio.”
Located at the intersection of Kenilworth Avenue and 21st Street, the three-story red-brick building was built in 1917 and includes 22 one-bedroom units and two studios. The Berwyn Metra Station, located just 2 miles south of the property, provides service to Chicago’s Union Station, and Interstate 290 is easily accessible via Harlem Avenue. Abundant retail at the corner of Cermak Road and Harlem Avenue includes Kohl’s, Best Buy and Jewel-Osco, as well as the North Riverside Park Mall.
“Berwyn delivers a great value when compared to nearby suburbs like Oak Park,” said Kennelly. “The community is popular with families and young professionals drawn to its character and diversity. We’re seeing high investor demand for similar value-add multifamily properties throughout the near west suburbs.”
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.
Interra Realty brokered the $1.5 million sale of a 24-unit apartment building at 1941 Kenilworth Ave. in Berwyn, Ill.