Chicago-based Interra Realty brokered the $1.5 million sale of 1941 Kenilworth Avenue in Berwyn, IL. With 24 apartments in the west suburban building, the sale price equates to $62,500 per unit.
Interra Realty managing partner Patrick Kennelly represented the private seller and buyer, who plans to extensively renovate the building.
“Because the property required extensive capital improvements, we applied our thorough understanding of the city of Berwyn’s building codes to help prospective buyers see the value that could be created following the acquisition,” said Kennelly. “The buyer owns other rental properties nearby, so bringing back the former glory of this decades-old building will benefit the entire portfolio.”
Located at the intersection of Kenilworth Avenue and 21st Street, the three-story, red-brick building was built in 1917 and includes 22 one-bedroom units and two studios. The Berwyn Metra station, located just 2 miles south of the property, provides service to Chicago’s Union Station, and I-290 is easily accessible via Harlem Avenue. Abundant retail at the corner of Cermak Road and Harlem Avenue includes Kohl’s, Best Buy and Jewel-Osco, as well as the North Riverside Park Mall.
“Berwyn delivers a great value when compared to nearby suburbs like Oak Park,” said Kennelly. “The community is popular with families and young professionals drawn to its character and diversity. We’re seeing high investor demand for similar value-add multifamily properties throughout the near west suburbs.”