Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $1.45 million sale of 426 Wesley Ave., an 11-unit apartment building in Oak Park, Ill., a western suburb of Chicago. The price per unit was $131,818.
Interra Realty Senior Managing Partner Joe Smazal, Managing Partner Pat Kennelly and Director Paul Waterloo were exclusively engaged by the private seller to market the property. Smazal, Kennelly and Waterloo also represented the private buyer, who acquired the property through a 1031 exchange.
“This well-maintained, professionally managed asset in one of Chicago’s most popular inner-ring suburbs attracted multiple offers from our deep pool of qualified buyers looking in the area,” said Kennelly. “As investors seek stability in these tougher economic times, middle-market multifamily is proving to be a popular choice. As a result, we continue to see healthy transaction activity throughout Chicago and the suburbs.”
Built in 1960, 426 Wesley Ave. offers eight one-bedroom and three two-bedroom units. The property also features off-street parking, a common laundry room and elevator, the latter of which is comparatively rare in the submarket.
426 Wesley Ave. is located near several CTA bus routes, as well as the Blue and Green lines, which provide service to downtown Chicago. In addition, the Oak Park Metra station is approximately 1 mile northwest of the property, while the Eisenhower Expressway is less than a mile to the south.