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Interra Realty Brokers $11M Sale of Suburban Apartments
Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the $11 million sale of Westwood Apartments, an 11-building, 132-unit multifamily property in Waukegan, Illinois.
Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the local private buyer. The team also represented the seller, a confidential local investment group. “Many northern Chicago suburbs, especially in Lake County, have seen robust and sustained rent growth in the last few years, which in turn has led to price appreciation,” said Waterloo.
The buyer, who acquired the property as part of a 1031 exchange, plans to make improvements to the building’s exteriors, common areas and unit interiors. Originally constructed in 1970, the property was 96 percent occupied at the time of sale.
Located at 2720-2732 Westwood Drive, the garden-style community offers 132 two-bedroom, one-bath apartments. The property is a 10-minute drive from Lake Michigan and within walking distance of numerous retail and restaurant establishments.
