WAUKEGAN, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of Sunset Village, an 84-unit multifamily property in Waukegan, a suburb of Chicago. The property, which offers housing options for individuals aged 55 and older, sold for $7.77 million, equivalent to $92,500 per unit.

Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the confidential seller in the deal. Kennelly, Waterloo and Zito also represented a private local partnership in the purchase of the property.

“Like many other Chicago suburbs, Waukegan has seen an increase in apartment occupancy, leading to steadily rising rents,” said Waterloo. “Sunset Village experienced a 7% increase in revenue over the past year, which is one of the reasons we saw so much competition for the property, with multiple offers from both local and out-of-state investors.”

Read the complete article at the Daily Herald.

See additional articles on this transaction at:

Yield Pro: Interra Realty Facilitates $7.77M Sale of Sunset Village Apartments, a 55+ Multifamily Property Located North of Chicago

RE Business Online: Interra Realty Brokers $7.8M Sale of Sunset Village Apartment Property in Waukegan, Illinois

ConnectCRE: Interra Realty Facilitates $7.7M Sale of Waukegan MF

Bisnow: This Week’s Deal Sheet

MultifamilyBiz: Interra Realty Facilitates $7.77 Million Sale of 84-Unit Sunset Village Multifamily Community in Suburban of Chicago Market of Waukegan