Interra Realty brokered the sale of a 19-unit multifamily building in Oak Park, Illinois, a western suburb of Chicago. The property sold for $1.4 million, equating to $73,684 per unit.
Interra Managing Partner Patrick Kennelly and Director Paul Waterloo represented the private seller. Kennelly and Waterloo also represented the confidential buyer. The property, located at 722-726 N. Austin Blvd., was 85% occupied at the time of sale.
The four-story property comprises 15 one-bedroom and four two-bedroom apartments. Originally built in 1940, it has been partially updated. A recent fire impacted six units, which the new owner plans to fully gut and upgrade. The building also includes four garage parking spaces.
