In The News | $1.45 million Oak Park deconversion brokered by Interra Realty
Interra Realty, a Chicago-based commercial real estate investment services firm, has brokered the $1.45 million deconversion sale of 244-46 S. Marion Street, a 10-unit building in Oak Park, Illinois. The buyer intends to convert the property’s condominiums back into rentals.
Patrick Kennelly, managing partner of Interra, represented the sellers through the condominium’s association and also procured the buyer. The sale price equates to an average of $145,000 per unit. The building includes six one- and four two-bedroom units, each with one bath.
“The limited inventory of apartments in the area combined with the property’s ideal location close to downtown Oak Park led to multiple offers,” Kennelly said. “Because of the high rental demand, buyers are increasingly open to creative deal structures. We applied best practices gained from previous deconversion sales to navigate the complexities of the transaction.”
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