Interra Managing Partner Pat Kennelly and Director Paul Waterloo represented both the seller, Riverside-based Property Rental Inc., and the buyer, BAM 1917 Grove LLC, which plans to undertake a $1 million gut rehab of the building.

“With rents climbing in the city and inner-ring suburbs, these older apartment communities are attractive options for renters – and so, increasingly, for investors drawn to the higher cap rates they offer,” said Kennelly. “Of course, you have to know where to look and what to look for. In this case, it made sense to undertake a full-scale renovation of the property to achieve the desired returns.”

Read article: Multihousing Pro