
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.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition