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Chicago & Midwest  + Chicago  + Greater Chicagoland  + Illinois  + Apartments  | 

Interra Brokers Suburban Chicago MF Sale

Interra Realty has brokered the $1.575 million sale of a 12-unit multifamily building in Des Plaines, Illinois. The transaction equated to $131,250 per unit.

Interra Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the local private buyer. Kennelly and Waterloo also represented the seller, a confidential local partnership. Originally constructed in 1963 as condominiums, the property was converted to rentals in the mid-2000s.

“The earlier condo deconversion of this property was in response to the need for rental space in the northwest suburbs – a demand that has not slackened in the years since,” said Waterloo. “Investors have a strong appetite for turnkey assets in desirable locations such as Des Plaines.”

Located at 1348 Brown Street, the building includes 12 one-bedroom units. Recent capital improvements include renovating several units, an updated boiler system and new windows. The buyer plans to finish the remaining renovations.

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About Jasmine Kilman

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.

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