Interra Realty brokered the sale of a five-building, 30-unit multifamily portfolio in Mount Prospect, Illinois, a suburb of Chicago.
The properties were sold to undisclosed local buyers in two separate deals, totaling $4.29 million.
Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the confidential seller in both transactions. Hubert Cioromski of Troy Realty represented the private buyer of three buildings, and Nader Shahat of Green Equities LLC represented the private buyer of the other two buildings.
The properties at 355, 357 and 359 W. Hawthorne Circle sold for $860,000 each, for a total of $2.58 million. In the other transaction, 353 W. Hawthorne Circle sold for $850,000 and 365 W. Hawthorne Circle sold for $860,000, for a combined $1.71 million. Both transactions represent a record per-building price for six-unit properties in Mount Prospect, according to MLS data.
Constructed in 1978, the three-story buildings each contain six units in a mix of one- and two-bedroom layouts. Most of the apartments include individual balconies and were recently renovated with updated kitchens and baths. They were fully occupied at the time of sale.
These transactions are the third and fourth that Kennelly, Waterloo and Zito have closed in northwest Chicago neighborhoods and suburbs over the past four months. In May, they brokered the $2.7 million sale of two vintage apartment buildings in Chicago’s Montclare neighborhood. In June, the trio closed on the $3.1 million sale of a three-building portfolio near O’Hare International Airport.
The Mount Prospect buildings are located one block from retail and restaurant offerings near the intersection of South Elmhurst Road and Dempster Street. The area is served by Metra’s Union Pacific Northwest Line and bus routes that connect to the CTA Blue Line.
