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.