FOREST PARK, IL – Interra Realty has brokered the $1.84 million sale of a 15-unit multifamily property in Forest Park, Illinois. Located at 102 Rockford Avenue, about 10 miles west of Chicago, the transaction equated to $122,666 per unit.

Interra Managing Partner Patrick Kennelly and Director Paul Waterloo represented the local investor in the acquisition. Additionally, Kennelly and Waterloo sourced and represented the confidential seller.

The three-story building was constructed in 1979 and has five studios and 10 one-bedroom units. The property was fully occupied at the time of sale.

“We continue to see how beneficial tax-deferred swaps can be for multifamily investors,” said Waterloo. “In this case, we were able to help the local buyer grow their apartment portfolio, as they traded up from a smaller multifamily building through a 1031 exchange,” said Kennelly. “When multifamily properties check all the right boxes, investors are proving to be undaunted by economic uncertainty in this high-interest-rate environment.”

Read the complete article at ConnectCRE.

See additional articles on this transaction:

YieldPro: Interra Realty brokers $1.84 million sale of multifamily building in Chicago’s West Suburbs

REBusiness Online: Interra Realty Brokers $1.8M Sale of Apartment Building in Suburban Chicago