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Apartment Sale is Skokie’s Largest in Five Years
Interra Realty negotiated the $8.3-million off-market sale of 4602 Grove St., a 43-unit rental community in Skokie, IL. It marks the largest multifamily sale in this northern suburb in five years, according to CoStar data.
Senior managing partner Joe Smazal represented the local private buyer. The local private seller had owned the well-maintained building for nearly 50 years.
“In Chicago’s suburbs as in the city, rental properties have remained resilient through the pandemic and therefore attractive to investors,” said Smazal. “As additional apartments are developed, these more attainably priced offerings are increasingly attractive to renters.”
Built in 1927, 4602 Grove St. has all two-bedroom units, which were 93% occupied at the time of the sale. Units feature updated kitchens and baths, as well as refinished floors. Residents also have access to on-site laundry, storage lockers, bike storage and garage parking with 28 spaces.
- ◦Sale/Acquisition
