Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $1.84 million sale of a 15-unit multifamily property in Forest Park, Ill., located about 10 miles west of Chicago. The transaction equated to $122,666 per unit.
Interra Managing Partner Patrick Kennelly and Director Paul Waterloo represented the local investor in the acquisition. In addition, Kennelly and Waterloo sourced and represented the confidential seller. The property was fully occupied at the time of sale.
“There is robust demand for older, well-maintained assets in inner-ring suburbs, especially those that are close to transit and vibrant commercial districts,” said Kennelly. “When multifamily properties check all the right boxes, investors are proving to be undaunted by economic uncertainty in this high-interest-rate environment.”
Located at 102 Rockford Ave., the three-story building was constructed in 1979. The property features five studios and 10 one-bedroom units. The new owner plans to operate the property as is.
“We continue to see how beneficial tax-deferred swaps can be for multifamily investors,” said Waterloo. “In this case, we were able to help the local buyer grow their apartment portfolio, as they traded up from a smaller multifamily building through a 1031 exchange.”
102 Rockford is situated less than four blocks from CTA’s Harlem/Lake Green Line station and is approximately 1 mile from both the River Forest Metra station and the Eisenhower Expressway. Nearby amenities include Brookfield Zoo, North Riverside Park Mall and numerous golf courses and forest preserves.
