Interra Realty, a Chicago-based commercial real estate investment services firm, announced it facilitated the sale of two multifamily buildings, Liberty Square Flats and Lorraine Court Apartments, in the Wheaton suburb of Chicago.
Interra Associate Nathan Zito, Managing Partner Patrick Kennelly and Managing Partner Paul Waterloo represented Liberty Square Flats, LLC, the seller of Liberty Square Flats, as well as the buyer, a confidential local investor. Zito, Kennelly and Waterloo also represented LCA, LLC in the sale of Lorraine Court Apartments, as well as the buyer, one of the largest owners of middle-market apartment properties in DuPage County. Both properties were sold as part of 1031 exchange transactions.
“Because of its excellent schools, diverse economy and relatively low tax basis, DuPage County has seen a surge in housing demand over the years, leading to strong rental fundamentals and greater enthusiasm among multifamily buyers,” said Zito. “These two transactions – a newly built asset that traded for a high price per unit and a vintage building with excellent value-add potential – demonstrate investor zeal for properties in this area.”
Situated at 302 W. Liberty Drive, Liberty Square Flats is a luxury boutique building constructed in 2024. The property’s 18 two-bedroom units feature private balconies, quartz countertops, smart thermostats, stainless steel appliances, custom closets and in-unit full-size washers and dryers. Building amenities include a rooftop deck, dog washing station, outdoor patio with a grill, storage closets, heated garage parking with EV chargers, surface parking and keyless access.
Lorraine Court Apartments, located at 1110-1140 S. Lorraine Road, was constructed in 1972 and includes 20 one-bedroom and 24 two-bedroom layouts. The spacious units feature a private balcony or patio access and radiant heat. Laundry facilities and surface parking are available for residents.
Located close to dining, shopping and entertainment options along Roosevelt Road, Liberty Square Flats and Lorraine Court Apartments are in Wheaton’s desirable Community Unit School District 200 and within short drives of both the College of DuPage and Wheaton College. The area is served by Metra’s Union Pacific West Line Wheaton station, which is across the street from Liberty Square Flats.
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.
