19-Unit Multifamily Property in Oak Park Trades Hands
Chicago-based Interra Realty brokered the sale of a 19-unit multifamily building in the suburb of Oak Park. The property sold for $1.4 million, equating to $73,684 per unit.
Interra Managing Partner Patrick Kennelly and Director Paul Waterloo represented the private seller. Kennelly and Waterloo also represented the confidential buyer. The property, located at 722-726 N. Austin Boulevard., was 85 percent occupied at the time of sale.
“There remain a lot of multifamily buyers with capital to deploy, and they are highly motivated by properties with good upside in desirable locations,” said Waterloo. “Suburban assets are appealing to investors, and this one particularly so, due to the new owner’s ability to push rents following renovations and other improvements.”
The four-story property comprises 15 one-bedroom and four two-bedroom apartments. A recent fire impacted six units, which the new owner plans to fully gut and upgrade. The building also includes four garage parking spaces.
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Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.