Two separate buyers expected to add value to properties through building improvements
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of three multifamily properties all near each other in River Grove, Ill., a near western suburb of Chicago, to two separate ownership groups. A two-property, 12-unit portfolio at 8670-8674 W. Grand Ave. closed at $1.72 million, or $143,000 per unit, while an eight-unit building at 8600 W. Grand Ave. garnered $1.075 million, or $134,000 per unit.
Completed in 1969, the 8670-8674 W. Grand buildings include 10 two-bedroom and two one-bedroom units. The properties had been under the same ownership for over 20 years. Built in 1980, 8600 W. Grand sits on a corner lot and offers spacious floor plans across its four two-bedroom and four one-bedroom units. The three buildings have all undergone recent capital improvements and feature parking, tenant storage and common laundry facilities.
Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the seller of 8670-8674 W. Grand. The buyer was represented by Ralph Szypcio of Coldwell Banker. The same Interra brokerage team of Kennelly, Waterloo and Zito represented the seller and buyer in the 8600 W. Grand transaction. The buildings were 100% occupied at the time of sale. Both buyers are local operators who plan to self-manage the properties and improve them over a long-term ownership horizon.
“We continue to see strong investor interest for quality multifamily properties in inner-ring Chicago suburbs with significant rental demand,” said Waterloo. “These River Grove properties were highly desirable due to unit affordability, especially relative to new-construction product in the market. This helped generate multiple offers for 8670-8674 W. Grand, resulting in the property selling for $70,000 over ask, and the 8600 W. Grand building going under contract in the first week of marketing and closing in under 60 days.”
The properties are less than a half-mile from the River Grove Metra station, serviced by the North Central Service and Milwaukee District West lines into downtown Chicago, and near the River Grove Public Library and other commercial offerings in the area.
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.
Interra Realty recently brokered the sale of three multifamily properties in River Grove, Ill., a near western suburb of Chicago, including a two-building, 12-unit portfolio at 8670-8674 W. Grand Ave. and an eight-unit building at 8600 W. Grand Ave.