Connect CRE: Patrick Kennelly & Paul Waterloo Broker $1.92M Sale of Norwood Park Multifamily Apartment Building
CHICAGO, IL – Interra Realty recently brokered the $1.92-million sale of 6018-6020 N. Avondale Ave., a 12-unit rental community in the Northwest Side’s Norwood Park neighborhood. The per-unit price was $160,000.
Managing Partner Patrick Kennelly and Director Paul Waterloo represented both the private seller, a local family that owned the property for 27 years, and the confidential buyer, also a local family, which acquired it in a 1031 exchange. The new owner plans to make select updates to the property and hold it long-term.
“Investors are attracted to the stability and affordability of multifamily properties on Chicago’s Northwest Side, where assets of this size can be hard to find,” said Waterloo. “Although the building was very well maintained and had some recent renovations, there is room to add value with additional updates that will command higher rents. Because of all these factors, we were able to attract significant investor interest and secure eight offers.”
Read the full RE Journals article here.