Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $4.55 million sale of Warwick Apartments, a 32-unit rental community at 312-316 N. Warwick Ave. in Westmont, Ill., a western suburb of Chicago. The price per unit was $142,188.
Interra Director Brian DiBasilio and Managing Partner Craig Martin represented the seller, Chicago-based 29th Street Capital, which made significant capital improvements to the building in 2018. That included renovations to 28 of the 32 apartments, the remainder of which can be upgraded as units turn over, creating additional value for the new owner.
“Currently, there is an extremely high demand for larger apartment buildings in the Chicago suburbs,” said Martin. “This is a very well-performing property with in-place cash flow and opportunity to add value by increasing operational efficiencies, pushing rents and utilizing an unused bonus space as a gym or shared workspace. As a result, we had a great response to our marketing efforts, giving more than 30 tours, receiving more than 10 offers and closing near listing price.”
Built in 1973, 312-316 N. Warwick has eight one-bedroom and 24 two-bedroom apartments, with updated flooring, lighting, kitchens and baths in renovated units. The building, which was 97 percent occupied at the time of the sale, includes 60 surface parking spaces.
The Westmont Metra station, which offers service to downtown Chicago, is less than a mile south of the property, which also offers proximity to retail and restaurants along Ogden Avenue.