YieldPro: Interra Realty Brokers Record $10.4M Sale of reVerb Century Station in Chicago’s West Suburbs
BERWYN, IL: Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $10.4 million sale of reVerb Century Station, a mixed-use property in Berwyn, Illinois. – a record price for multifamily or mixed-use properties in the suburb, per CoStar data. The 52-unit apartment building with 10,662 square feet of ground-floor commercial space traded for $185,714 per unit.
Interra Senior Managing Partner Joe Smazal, Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the confidential seller. Smazal, Kennelly and Waterloo also represented the buyer, an undisclosed investment group that assumed the loan from the seller.
“This sale – a new high-water mark for Berwyn – signals a continuation of buyer appetite for high-quality suburban properties,” said Kennelly. “We completed the transaction in less than 10 weeks from contract to close, which is not only a remarkably quick time frame considering the buyer assumed the existing loan, but also further demonstrates the strong demand for properties of this caliber.”
Read the complete article at YieldPro.
See additional articles on this transaction at: