ConnectCRE: Workforce Housing Changes Hands in Melrose Park 1031 Deal
Melrose Park, IL – Interra Realty brokered the sale of a 29-unit multifamily property in Melrose Park, IL for $2 million. The property at 1123 N. 33rd Ave. was a 1031 exchange and traded for the equivalent of $69,000 per unit.
Managing Partner Patrick Kennelly and Director Paul Waterloo represented the buyer, a local private investor. Kennelly and Waterloo leveraged Interra’s local network to identify a building owner prepared to sell in an off-market deal.
Built in 1970, 1123 N. 33rd Ave. comprises three studio, 22 one-bedroom and four two-bedroom units. The buyer plans to make improvements to apartments as needed and address acute deferred maintenance.
“Today’s market conditions mean that there are few ground-up apartment developments addressing the widespread need for workforce housing,” said Waterloo. “Properties such as 1123 N. 33rd Ave. that are older but still in good shape can bring tremendous value to investors looking to tap into this demand.
Read the full article at ConnectCRE
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