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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

1031 Buyer Snags Oak Park Apartments

Interra Realty brokered the $1.45-million sale of 426 Wesley Ave., an 11-unit apartment building in Oak Park, IL, a western suburb of Chicago. The price per unit was $131,818.

The firm’s Joe Smazal, Pat Kennelly and Paul Waterloo were engaged by the private seller to market the property. Smazal, Kennelly and Waterloo also represented the private buyer, who acquired the property through a 1031 exchange.

“This well-maintained, professionally managed asset in one of Chicago’s most popular inner-ring suburbs attracted multiple offers from our deep pool of qualified buyers looking in the area,” said Kennelly. “As investors seek stability in these tougher economic times, middle-market multifamily is proving to be a popular choice. As a result, we continue to see healthy transaction activity throughout Chicago and the suburbs.”

Built in 1960, 426 Wesley Ave. offers eight one-bedroom and three two-bedroom units.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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