Interra Realty brokered the sale of three multifamily properties all near each other on Grand Avenue in River Grove, Illinois, a near western suburb of Chicago, to two separate ownership groups.
A two-property, 12-unit portfolio at 8670-8674 W. Grand Avenue closed at $1.72 million, or $143,000 per unit. Completed in 1969, the buildings include ten two-bedroom and two one-bedroom units, and the properties had been under the same ownership for over 20 years.
The third property, an eight-unit building at 8600 W. Grand Avenue, sold for $1.075 million, or $134,000 per unit. Built in 1980, the property features four two-bedroom and four one-bedroom units. The units are heated by baseboard heat and cooled with individual wall A/C units. The properties have seen recent capital improvements including new roofs, soffits and gutters. Each property features over 1:1 parking, tenant storage and common laundry.
Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the seller of 8670-8674 W. Grand Avenue. The buyer was represented by Ralph Szypcio of Coldwell Banker. The same Interra team of Kennelly, Waterloo and Zito represented the seller and buyer in the 8600 W. Grand Avenue transaction. Both buyers are local operators who plan to self-manage the properties.
Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds.
