RE Journals: Interra Realty brokers pair of Chicago-area multifamily transactions totaling over $14M
Craig Martin and DiBasilio arranged the $9 million off-market sale of Vine Place Apartments, a newly constructed luxury apartment community with 22 units and one commercial space located at 400 W. Talcott Road in Park Ridge, Illinois, a northwest suburb of Chicago. The price per unit was $391,304. Interra represented both the seller, Vine Place LLC, and the buyer, DAG Vine Place LLC, which purchased the property as part of a 1031 exchange.
“The pandemic has caused some renters to look outside the city; that has added to the existing demand for high-end, newly constructed apartments in affluent suburbs like Park Ridge,” said Martin. “Located in a predominantly residential neighborhood with an abundance of single-family homes, Vine Place is a rare offering in the local submarket, which has contributed to the property’s strong performance during lease-up.”
Read article: RE Journals