Interra Realty brokered the $4.55-million sale of Warwick Apartments, a 32-unit rental community at 312-316 N. Warwick Ave. in Westmont, IL. The price per unit was $142,188.
Director Brian DiBasilio and managing partner Craig Martin represented the seller, Chicago-based 29th Street Capital, which made significant capital improvements in 2018. That included renovations to 28 of the 32 apartments.
“Currently, there is an extremely high demand for larger apartment buildings in the Chicago suburbs,” said Martin. “This is a very well-performing property with in-place cash flow and opportunity to add value by increasing operational efficiencies, pushing rents and utilizing an unused bonus space as a gym or shared workspace. As a result, we had a great response to our marketing efforts, giving more than 30 tours, receiving more than 10 offers and closing near listing price.”
Built in 1973, 312-316 N. Warwick was 97% occupied at the time of the sale.
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 GlobeSt.com 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).