CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it facilitated two multifamily transactions in the south suburbs of Chicago. A three-building, 41-unit portfolio in Dolton comprising 14251, 14261 and 14315 Pennsylvania Ave. sold for $3.18 million and a 12-unit building at 5641 W. 103rd St. in Oak Lawn sold for $1.775 million.
Interra Director Michael Duckler represented the confidential buyers and sellers on both deals.
“Multifamily property values in Chicago’s south and southwest suburbs continue to climb as local and out-of-state investors are attracted to the area’s high occupancy rates and steady rent increases,” said Duckler. “Whether it’s a value-add asset with strong return opportunities or a stabilized property with reliable cash flow, investors are actively targeting this submarket for its long-term growth potential.”
The three-building Dolton portfolio features eight one-bedroom and 33 two-bedroom units. The properties, which were nearly fully leased at the time of sale, sold for $77,000 per unit. Half of the apartments have recently undergone full or partial renovations, including new laminate flooring and updated kitchens.
Located close to dining and shopping options along Sibley Boulevard, the Dolton properties offer easy access to Interstates 57 and 94. The area is served by the Metra Electric Riverdale station.
The Oak Lawn asset was fully leased at the time of sale and sold for $147,000 per unit, one of the highest price-per-unit sales in Oak Lawn in the last decade, according to CoStar data. Featuring six one-bedroom, five two-bedroom and one three-bedroom apartments, the well-maintained property offers condo-level finishes, private balconies, secured entrances and both covered and surface parking on-site.
5641 W. 103rd is across the street from the Stony Creek Golf Club and in proximity to dining, shopping and entertainment options along 95th Street. The property is less than 1 mile from Metra’s SouthWest Service Line Chicago Ridge station.
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