CHICAGO, IL – Interra Realty has brokered the $5.138 million sale of 3001 N. Bernice Road, a 54-unit rental community in Lansing. At $95,000 per-unit, the price is among the highest recorded in the submarket over the past decade, per CoStar data.

Interra Director Michael Duckler represented both the seller and out-of-state buyer, which plans to make capital improvements to the property.

“This transaction reflects the continued migration of capital to Chicago’s south suburbs, which traditionally have been dominated by local players but are now drawing interest from buyers outside of Illinois,” said Duckler. “Comparatively higher yields and wider availability of value-add opportunities are among the reasons investors who did not previously consider these locations are now transacting in them.”

Read the full article: REJournals

See additional articles on this deal below:

Chicago Business Journal: Chicago’s South Suburbs Are Attracting Multifamily Investors