CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of a three-property, 18-unit multifamily portfolio on the city’s Northwest Side near O’Hare International Airport for $3.1 million, or $172,505 per unit. The six-flat buildings, at 8622 W. Berwyn Ave., 8657 W. Berwyn Ave., and 5240 N. Oakview Ave., were all constructed in 1969.
Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the portfolio’s seller, a local partnership. The buyer, also a local partnership, was represented by Jay Chandran of Jay C. Realty. This marks Interra’s fourth closing within the O’Hare submarket in the last six months, including 8531-35 W. Bryn Mawr Ave. in December 2023 for $1.74 million.
“There remains high demand for investment properties near O’Hare due to very little apartment vacancies in the submarket and a continuing increase in rents,” said Waterloo. “This portfolio offered a scale of units not often seen in the area, resulting in multiple offers and going under contact within a week of being on the market.”
The 8622 W. Berwyn property, which sold for $1.055 million, represented the highest price for a six-flat within the O’Hare submarket in the last five years, per Redfin data. Under the same ownership for nearly 20 years, the building consists entirely of two-bedroom units and includes six surface parking spaces, on-site laundry and tenant storage.
Two cornering properties, 8657 W. Berwyn and 5240 N. Oakview, sold for $1.05 million and $1.025 million, respectively. The Berwyn building consists of four two-bedroom, one three-bedroom and one one-bedroom unit, while the Oakview property includes six two-bedroom units. Previously under the same ownership for over 30 years, the buildings include a mix of garage and surface parking spaces, on-site laundry and tenant storage.
The properties are close to the CTA’s Cumberland Blue Line station, Kennedy Expressway and Schiller Woods, a 284-acre, multi-use forest preserve along the Des Plaines River.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds.