Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $4.55 million sale of Warwick Apartments, a 32-unit rental community at 312-316 N. Warwick Ave. in Westmont, Ill., a western suburb of Chicago. The price per unit was $142,188.
Interra Director Brian DiBasilio and Managing Partner Craig Martin represented the seller, Chicago-based 29th Street Capital, which made significant capital improvements to the building in 2018. That included renovations to 28 of the 32 apartments, the remainder of which can be upgraded as units turn over, creating additional value for the new owner.
Built in 1973, 312-316 N. Warwick has eight one-bedroom and 24 two-bedroom apartments, with updated flooring, lighting, kitchens and baths in renovated units. The building, which was 97% occupied at the time of the sale, includes 60 surface parking spaces.
The Westmont Metra station, which offers service to downtown Chicago, is less than a mile south of the property, which also offers proximity to retail and restaurants along Ogden Avenue.