Interra Realty Brokers $3.3 Million Sale of Condominium Deconversion Project in Evanston, Illinois
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $3.3 million deconversion sale of 2151 Ridge Ave., a three-story multifamily building near Northwestern University in Evanston, Ill.
Patrick Kennelly, managing partner of Interra, and Paul Waterloo, director, represented the seller, The Avenue Ridge Condominium Association. The sale price equates to an average of $277,000 per unit.
“Investor demand remains high for rental buildings in Evanston, particularly near the Northwestern campus,” said Kennelly. “This sale marks the third condo deconversion that Paul and I have completed in Evanston in the past two years. We’re proud to have earned a great reputation for successfully executing deconversion sales, which are usually more complicated than other multifamily transactions.”
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