CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of a five-building, 30-unit multifamily portfolio in Mount Prospect, Ill., a suburb of Chicago. The properties were sold to undisclosed local buyers in two separate deals, totaling $4.29 million.
Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the confidential seller in both transactions. Hubert Cioromski of Troy Realty represented the private buyer of three buildings, and Nader Shahat of Green Equities LLC represented the private buyer of the other two buildings.
The properties at 355, 357 and 359 W. Hawthorne Circle sold for $860,000 each, for a total of $2.58 million. In the other transaction, 353 W. Hawthorne Circle sold for $850,000 and 365 W. Hawthorne Circle sold for $860,000, for a combined $1.71 million. Both transactions represent a record per-building price for six-unit properties in Mount Prospect, according to MLS data.
“The increased investor demand we’ve seen this year for workforce housing assets — particularly well-maintained properties in desirable areas — has placed the middle-market multifamily sector on a trajectory for incredible growth in 2024,” said Waterloo. “This is evidenced by the fact we generated 20 property tours and secured nine written offers for these buildings within just two weeks of them being on the market.”
Constructed in 1978, the three-story buildings each contain six units in a mix of one- and two-bedroom layouts. Most of the apartments include individual balconies and were recently renovated with updated kitchens and baths. They were fully occupied at the time of sale.
These transactions are the third and fourth that Kennelly, Waterloo and Zito have closed in northwest Chicago neighborhoods and suburbs over the past four months. In May, they brokered the $2.7 million sale of two vintage apartment buildings in Chicago’s Montclare neighborhood. In June, the trio closed on the $3.1 million sale of a three-building portfolio near O’Hare International Airport.
The Mount Prospect buildings are located one block from retail and restaurant offerings near the intersection of South Elmhurst Road and Dempster Street. The area is served by Metra's Union Pacific Northwest Line and bus routes that connect to the CTA Blue Line.
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. For more information, visit www.interrarealty.com