Interra Realty brokered the sale of three multifamily properties in River Grove, Illinois, a near western suburb of Chicago, to two separate ownership groups.
A two-property, 12-unit portfolio at 8670-8674 W. Grand Ave. closed at $1.72 million, or $143,000 per unit, while an eight-unit building at 8600 W. Grand Ave. garnered $1.075 million, or $134,000 per unit.
Completed in 1969, the 8670-8674 W. Grand buildings include 10 two-bedroom and two one-bedroom units. The properties had been under the same ownership for over 20 years. Built in 1980, 8600 W. Grand sits on a corner lot and offers spacious floor plans across its four two-bedroom and four one-bedroom units. The three buildings have all undergone recent capital improvements and feature parking, tenant storage and common laundry facilities.
Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the seller of 8670-8674 W. Grand. The buyer was represented by Ralph Szypcio of Coldwell Banker. The same Interra brokerage team of Kennelly, Waterloo and Zito represented the seller and buyer in the 8600 W. Grand transaction. The buildings were 100% occupied at the time of sale. Both buyers are local operators who plan to self-manage the properties and improve them over a long-term ownership horizon.
The properties are less than a half-mile from the River Grove Metra station, serviced by the North Central Service and Milwaukee District West lines into downtown Chicago, and near the River Grove Public Library and other commercial offerings in the area.
