Skip to content
Homepage
  • Market
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Sector
    • CRE
    • Education
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Events
  • Real Estate Awards
  • Subscribe
  • Publications

Interra Realty brokers $6.6M sale of Evergreen Park apartment building

January 8, 2019
Share on Facebook Share on Twitter Share on LinkedIn Share via email

Interra Realty has brokered the sale of Riviera Apartments, an 84-unit rental community at 9739 S. Kedzie Avenue in Evergreen Park, Illinois, approximately 15 miles from downtown Chicago. Interra managing partner James Clough represented both the buyer and seller in the transaction, which at $6.63 million, equated to approximately $78,928 per unit.

“This deal demonstrates the value investors continue to see in well-located, well-maintained assets—especially mid-size properties with anywhere from 50 to 150 units,” said Clough. “Because investors historically view them as long-term holds, buildings like these do not trade very often. Yet due to our familiarity with the suburban rental market, we were able to identify a local buyer without ever listing the property, in keeping with the seller’s desire for an expedited, off-market sale.”

Built in 1968, the property encompasses three buildings fronting Kedzie Avenue. Together, they house 57 one-bedroom and 27 two-bedroom apartments, which were 97 percent occupied at the time of closing. The buyer is planning interior renovations, including new kitchens and baths, to bring rents to market level.

“Evergreen Park is a mature market that draws interest from investors who are familiar with the area and understand the opportunities that exist here,” said Clough. “For a property like Riviera Apartments, we were able to secure a high per-unit price for the seller, but the building still offers value-add opportunities, which the buyer quickly recognized.”

The property is steps from CTA bus routes that connect to nearby rail lines, providing access to downtown and destinations throughout the Chicago metro area.

Tags
evergreen parkIllinoisInterra Realtymultifamily
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
MinnesotaRetail

Kraus-Anderson wraps redevelopment of Galleria in Edina

May 16, 2025
MissouriCRE

St. Louis’ Tarlton Corp. adds project engineer

May 16, 2025
MinnesotaNet Lease

Hanley Investment Group arranges acquisition of seven net-leased properties for 1031 exchange buyer

May 16, 2025
MichiganMultifamily

Marcus & Millichap brokers sale of 146-space manufactured housing community in Port Huron

May 16, 2025

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Education
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Events
  • Office Locations
  • Advertise
  • Terms and Conditions
  • Contact
© 2025 REjournals.com