Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of an 84-unit multifamily portfolio in Oak Lawn, Ill., a suburb of Chicago. The properties, branded as reVerb Oak Lawn, sold for $13.15 million, equating to $156,548 per unit.
Interra Senior Managing Partner Joe Smazal, Managing Partner Patrick Kennelly and Director Paul Waterloo represented the private seller. Smazal, Kennelly and Waterloo also represented the undisclosed buyer.
The sale of reVerb Oak Lawn stands as the largest multifamily transaction in Oak Lawn within the past decade in terms of number of units traded, price per unit and overall sale price, according to CoStar data.
Located at 9301-9333 S. Harlem Ave., reVerb Oak Lawn was originally built in 1971 and renovated in 2017. The property, which was 97 percent occupied at the time of sale, comprises 42 one-bedroom and 42 two-bedroom apartments.
“With the dramatic rise in construction costs, buyers are gravitating to recently renovated rental properties,” said Kennelly. “That, and reVerb Oak Lawn’s desirable location, help explain why this property went under contract less than a month after the onset of marketing.”
Following a full gut rehab in 2017, improvements at the property consist of refinished units, new plumbing, upgraded electrical, new roofs and resurfaced on-site parking lots. All apartments at reVerb Oak Lawn include in-unit laundry, stainless steel appliances, granite countertops and keyless access technology. The community also features a courtyard and grilling patio.
Located adjacent to the intersection of Harlem Avenue and 95th Street, reVerb Oak Lawn has immediate access to many dining and shopping options, as well as the Oak Lawn Park District. Served by Metra’s SouthWest Service Line, the property is also a half-mile from Interstate 294.