Interra Realty has brokered the $2.66 million off-market sale of a three-building, 41-unit apartment complex at 14251, 14261 and 14315 Pennsylvania Road in Dolton, about 15 miles from Chicago’s Loop. At $65,000 per unit, it is one of the largest multifamily transactions in Dolton in the past decade by price and number of units.
Interra Director Michael Duckler represented the confidential seller, who had owned the buildings for three years and updated all units. Duckler leveraged Interra’s network of investors to identify the private buyer, whom he also represented, and who plans to raise rents to market rate. Average rents in Dolton are up 28% over last year, according to Zumper.
The complex includes 33 two-bedroom units and eight one-bedrooms. Surface parking is available for all three buildings, which were nearly fully occupied at the time of the sale.
Located near South Suburban College, Chicago State University and Saint Xavier University, the apartments also are easily accessible to downtown Chicago via the Metra Electric Line and Interstate 94.