Multi-Housing News: Interra Realty Arranges $3M Suburban Chicago Sale
Interra Realty has brokered the $3.1 million sale of a 39-unit apartment building in Forest Park, Ill. Senior Managing Partner Joe Smazal represented the private seller, while Managing Partner Pat Kennelly and Director Paul Waterloo assisted the buyer. Earlier this year in February, Smazal was instrumental in the $27 million sale of a Chicago community.
Located at 500 Des Plaines Ave., the Forest Park property previously changed hands in 2015 for $2.4 million, in a deal also arranged by Interra Realty. Completed in 1931, the community comprises 33 studios and six one-bedroom units. The new owner plans to implement basic upgrades in the kitchens and baths and raise rents to market level.
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