Interra Realty brokered the $12.18 million sale of Harlem Towers, a two-tower, 83-unit multifamily property in Elmwood Park, Illinois. The sale equated to $146,746 per unit.
Interra Managing Partner Patrick Kennelly, Managing Partner Paul Waterloo and Director Nathan Zito represented buyer, Pabcor Management, which is led by principals Ted Arvanitis, Gus Pablecas and Matt Pablecas. Kennelly, Waterloo and Zito also represented the seller, Neder Capital Services. Yaryna Makarchuk served as the seller’s representative throughout the transaction.
Located at 2300-2310 N. Harlem Ave., the property includes 27 one-bedroom, 55 two-bedroom and one three-bedroom layouts. In addition to some unit renovations, recent capital improvements include upgraded elevators, common area refurbishments and new fire alarm and elevator monitoring systems. Harlem Towers was constructed in 1975 and features two eight-story towers, as well as below-grade and street-level covered parking.
Suburban Chicago multifamily sales have risen dramatically recently. Data collected by Interra’s suburban multifamily investment team found a 40% year-over-year increase in total dollar volume of multifamily transactions through third-quarter 2025, with a 34% increase in the number of deals closed. Interra also reported a rise in out-of-state capital and a 4% growth in the average price per unit.
Harlem Towers, which will be rebranded as The American Elm after the elm trees that inspired Elmwood Park’s name, is located close to dining and shopping options along Harlem Avenue. The area is served by Metra’s Mont Clare station on the Milwaukee District West Line and multiple CTA bus routes.
