Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of a three-building, 24-unit multifamily rental portfolio on Mayfield and Mansfield Avenues in Oak Lawn, Illinois for $3.15 million.
Equating to $131,250 per unit, the transaction marks one of the highest prices paid per unit in the near southwest Chicago suburb over the last decade, per CoStar data. Located at 10310–10326 Mayfield Avenue and 10310 Mansfield Avenue, the buildings each house eight apartments.
Interra Director Michael Duckler represented the portfolio’s seller and buyer, both private investors.
“With limited for-sale housing inventory, there has been an increase in renter demand and, consequently, investor interest in rental properties, especially in stable suburban markets like Oak Lawn,” said Duckler. “This portfolio offered rare scale for the area, with units that were well maintained throughout the course of ownership. More than half the units were recently updated, presenting the buyer with an opportunity to add further value by renovating the remaining units and pushing rents.”
The portfolio’s unit mix consists of 20 two-bedroom dwellings, two one-bedrooms, one three-bedroom and one four-bedroom. At the time of sale, the buildings were 96% occupied.
The renovated units feature laminate and vinyl plank flooring, laminate countertops, new cabinets and updated bathroom vanities. The seller also had made a number of other recent capital improvements, including replacing water tanks, adding new windows, repairing roofs, and painting and adding new carpeting in common interior hallways. The properties include eight garage spaces, 48 exterior parking spots, shared laundry facilities and dedicated resident storage lockers.
The properties are less than one-half mile from the Stony Creek Golf Course Complex, Memorial Park and the Chicago Ridge Prairie Nature Preserve.
