DES PLAINES, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the $1.5 million sale of a 12-unit multifamily building in Des Plaines.

The transaction equated to $131,250 per unit.

Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the local private buyer. Kennelly and Waterloo also represented the seller, a confidential local partnership. Originally built in 1963 as condominiums, the property was converted to rentals in the mid-2000s.

“The earlier condo deconversion of this property was in response to the need for rental space in the Northwest suburbs — a demand that has not slackened in the years since,” Waterloo said. “Investors have a strong appetite for turnkey assets in desirable locations such as Des Plaines.”

Read the complete article at the Daily Herald.

See additional articles on this transaction:

ConnectCRE: Interra Brokers Suburban Chicago MF Sale

REJournals: Interra Realty brokers $1.575 million sale of multifamily building in Des Plaines