Connect CRE: 19-Unit Multifamily Property in Oak Park Trades Hands
OAK PARK, IL – Chicago-based Interra Realty brokered the sale of a 19-unit multifamily building in the suburb of Oak Park. The property sold for $1.4 million, equating to $73,684 per unit.
Interra Managing Partner Patrick Kennelly and Director Paul Waterloo represented the private seller. Kennelly and Waterloo also represented the confidential buyer. The property, located at 722-726 N. Austin Boulevard., was 85 percent occupied at the time of sale.
“There remain a lot of multifamily buyers with capital to deploy, and they are highly motivated by properties with good upside in desirable locations,” said Waterloo. “Suburban assets are appealing to investors, and this one particularly so, due to the new owner’s ability to push rents following renovations and other improvements.”
The four-story property comprises 15 one-bedroom and four two-bedroom apartments. A recent fire impacted six units, which the new owner plans to fully gut and upgrade. The building also includes four garage parking spaces.
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