Interra Realty associate agent Patrick Kennelly closed on the sale of a 38-unit multi-family portfolio in Palatine totaling $1.871M (price per unit: $49,237). The portfolio includes three properties with a total of 12,150 SF in three separate associations located at 421-425 Osage Lane (eight units), 1542 Norway Lane (six units) and 1804-1810 Green Lane (24 units) in the northwest suburb of Chicago. Kennelly represented both the buyers and the seller.
The properties were purchased by two separate cash buyers.
The combined 421-425 Osage Lane and 1542 Norway Lane deal sold for $746K and includes 13 two-bedroom units and a single one-bedroom unit. The buyer was attracted to the asset because of potential upside in rents and the add-value component of rehabbing the units in order to increase cash flow of the properties.
The 1804-1810 Green Lane deal sold for $1,112,500 and includes 12 one-bedroom and 12 two-bedroom units. The proximity to other multi-family assets owned by the buyer was an attractive proposition along with the property’s overall cash flow.
