Interra Realty brokered the sale of a three-building, 24-unit multifamily rental portfolio in Oak Lawn, Illinois, for $3.15 million.
Equating to $131,250 per unit, the transaction marks one of the highest prices paid per unit in the near southwest Chicago suburb over the last decade, per CoStar data. Located at 10310-10326 Mayfield Ave. and 10310 Mansfield Ave., the buildings each house eight apartments.
Interra Director Michael Duckler represented the portfolio’s seller, a private investor.
The portfolio’s unit mix consists of 20 two-bedroom dwellings, two one-bedrooms, one three-bedroom and one four-bedroom. At the time of sale, the buildings were 96% occupied.
The renovated units feature laminate and vinyl plank flooring, laminate countertops, new cabinets and updated bathroom vanities. The seller also had made a number of other recent capital improvements, including replacing water tanks, adding new windows, repairing roofs, and painting and adding new carpeting in common interior hallways. The properties include eight garage spaces, 48 exterior parking spots, shared laundry facilities and dedicated resident storage lockers.
The properties are less than one-half mile from the Stony Creek Golf Course Complex, Memorial Park and the Chicago Ridge Prairie Nature Preserve.
