Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $5.5 million sale of 1050-1110 N. Wheeling Road, a three-building, 42-unit rental community in Mount Prospect, Ill., a northwest suburb of Chicago. The price per unit was $131,000.
Interra Managing Partner Craig Martin represented the seller, Chicago-based 29th Street Capital, as well as the private buyer. The seller had extensively updated units, adding vinyl plank flooring, stone countertops, stainless steel appliances and shaker cabinets in kitchens, plus new windows and other building improvements. The buyer plans to make additional minor cosmetic enhancements.
“Throughout Chicago’s suburbs, we’re seeing a strong appetite for well-located, value-add apartments,” said Martin. “Investors across the country are looking for this type of well-maintained property in good locations near shopping, schools and transportation. Interra ran a full marketing campaign for the property, resulting in more than 40 property tours and 10 offers.”
Built in 1965, 1050-1110 N. Wheeling includes 18 one-bedroom and 24 two-bedroom units. The building was 95% occupied at closing. The property has shared laundry facilities and 53 surface parking spaces.
Located about 25 miles northwest of Chicago, 1055-1110 N. Wheeling is close to several bus routes, including those connecting to the Mount Prospect Metra station. The property also offers easy access to Interstate 90 and is less than a mile from Randhurst Village Mall, which includes a Costco, Home Depot, Buffalo Wild Wings, Outback Steak House, Jewel-Osco, TJ Maxx, movie theater and many other stores and restaurants.
