CONNECT CRE: Multifamily Sale Posts Oak Lawn’s Highest Price in a Decade
Oak Lawn, IL – Interra Realty brokered the sale of an 84-unit multifamily portfolio in the Chicago suburb of Oak Lawn, IL. The properties, branded as reVerb Oak Lawn, sold for $13.15 million, or $156,548 per unit. It represents the largest multifamily transaction in Oak Lawn within the past decade in terms of number of units traded, price per unit and overall sale price, according to CoStar data.
Senior managing partner Joe Smazal, managing partner Patrick Kennelly and director Paul Waterloo represented the private seller. Smazal, Kennelly and Waterloo also represented the undisclosed buyer.
Located at 9301-9333 S. Harlem Ave., reVerb Oak Lawn was originally built in 1971 and renovated in 2017. “With the dramatic rise in construction costs, buyers are gravitating to recently renovated rental properties,” said Kennelly. “That, and reVerb Oak Lawn’s desirable location, help explain why this property went under contract less than a month after the onset of marketing.”
Read the full article at ConnectCRE.
See addition articles on this transaction below:
Connect CRE: Interra Realty Brokers $13 Million Sale of 84-unit Property in Suburban Chicago
Bisnow: This Weeks Chicago Deal Sheet