Daily Herald: Interra Realty Sells Multifamily Building in Des Plaines for $1.5M
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