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Interra Arranges Second Arlington Heights Deconversion Deal in 30 Days
Interra Realty brokered the deconversion sale of a 40-unit multifamily property in Arlington Heights, IL. The property, 1 N. Chestnut Ave., traded for $9.7 million, or $242,500 per unit.
Managing partner Patrick Kennelly and director Paul Waterloo represented the seller, the Chestnut Street Condominium Association. Kennelly and Waterloo also represented the confidential buyer. The transaction represents the second-highest sale price on a per-unit basis in Arlington Heights in the past five years, per CoStar data.
This is the second deconversion sale completed by Interra in Arlington Heights within 30 days, following the $4.1-million sale of the nearby 202-222 N. Salem Ave. To date, Interra has completed more than a dozen deconversion transactions in the Chicago area, exceeding $100 million in total sales volume.
“As long as there remains potent rental demand in desirable communities like Arlington Heights, I expect to see continued deconversion opportunities in select Chicago suburbs,” said Kennelly.
- ◦Sale/Acquisition
