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Buyer of Berwyn Apartments Plans Gut Rehab

Interra Realty brokered the sale of 1917-23 S. Grove Ave., a four-story, 34-unit building in the western suburb of Berwyn, IL. The firm’s Pat Kennelly and Paul Waterloo represented both the seller, Riverside-based Property Rental Inc., and the buyer, BAM 1917 Grove LLC, which plans a $1-million gut rehab.

Deal terms weren’t disclosed. The property has 32 one-bedroom apartments and two studios. The building was 88% occupied at the time of closing.

Before hiring Interra, the seller had spent nearly five years trying to secure a buyer.

“The Grove Avenue property was aging but still had good bones and a desirable location—near transit, with access to quality schools as well as retail and restaurants along Cermak Road,” Kennelly said. “These are enduring attributes that support the asset’s long-term value, and the investor understood the potential.”

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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).

  • ◦Sale/Acquisition