Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $1.575 million sale of a 12-unit multifamily building in Des Plaines, Illinois, a northwest suburb of Chicago. The total equated to $131,250 per unit.
Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the local private buyer. Kennelly and Waterloo also represented the seller, a confidential local partnership. Originally constructed in 1963 as condominiums, the property was converted to rentals in the mid-2000s.
“The earlier condo deconversion of this property was in response to the need for rental space in the northwest suburbs – a demand that has not slackened in the years since,” said Waterloo. “Investors have a strong appetite for turnkey assets in desirable locations such as Des Plaines.”
1348 Brown is approximately a mile from Metra’s Des Plaines station, served by the UP-NW line, and close to multiple Pace bus routes. The property is also within walking distance of numerous dining, shopping and entertainment options.
This is the fourth multifamily property Kennelly and Waterloo have brokered in the northwest suburbs since 2022. They represented both the buyer and seller in the $9.7 million sale of 1 N. Chestnut Ave., a 40-unit multifamily property in Arlington Heights. In addition, they represented both parties on another Arlington Heights property sale, the 34-unit 202-222 N. Salem Ave. that traded for $4.1 million. Kennelly and Waterloo also brokered the $1.32 million sale of the eight-unit 1950 Parkside Drive in Park Ridge.
