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Highwood Apartments Fetch $11M During Lease-Up Period
Interra Realty recently brokered the sale of a 37-unit multifamily property in Highwood, IL. The newly built property, located at 546 Green Bay Rd., traded for $11 million, equating to $297,300 per unit.
Managing partner Craig Martin represented the seller, Sy Oko, quickly procuring a buyer during the initial lease-up period despite rising interest rates. Martin also represented the buyer, HP Ventures Group-Development Services LLC, a development and property management company that develops, acquires and manages mid-rise apartment buildings and townhouse projects.
“As more people seek modern and comfortable living options outside the city core, we’ve continued to see a growing demand for high-quality boutique rentals in the suburbs,” said Martin. “And because we know the demand for these specific buildings has been strong, in spite of elevated interest rates, we were able to work with the buyer to add to its portfolio.”
- ◦Sale/Acquisition
