Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it negotiated the $8.3 million off-market sale of 4602 Grove St., a 43-unit rental community in Skokie, Ill., a north suburb of Chicago. It marks the largest multifamily sale in Skokie in five years, according to CoStar data.
Interra Senior Managing Partner Joe Smazal represented the local private buyer. The local private seller had owned the well-maintained building for almost 50 years.
“In Chicago’s suburbs as in the city, rental properties have remained resilient through the pandemic and therefore attractive to investors,” said Smazal. “As additional apartments are developed, these more attainably priced offerings are increasingly attractive to renters. 4602 Grove St. gave the buyer a legacy multifamily asset that had been well maintained by the long-term owner but offers the option to add value through updates to units and common areas over time.”
Built in 1927, 4602 Grove St. has all two-bedroom units, which were 93% occupied at the time of the sale. Units feature updated kitchens and baths, as well as refinished floors. Residents also have access to on-site laundry, storage lockers, bike storage and garage parking with 28 spaces.
4602 Grove St. is a mile from the Dempster-Skokie Yellow Line stop. It also is near several bus routes, including those with service to the Purple and Blue lines and the Metra, and offers easy access to Interstate 94. Other nearby amenities include Devonshire Park, which includes an aquatics facility and cultural center, and retail along Skokie Boulevard and Dempster Street.
