Workforce Housing Changes Hands in Melrose Park 1031 Deal
Interra Realty brokered the sale of a 29-unit multifamily property in Melrose Park, IL for $2 million. The property at 1123 N. 33rd Ave. was a 1031 exchange and traded for the equivalent of $69,000 per unit.
Managing partner Patrick Kennelly and director Paul Waterloo represented the buyer, a local private investor. Kennelly and Waterloo leveraged Interra’s local network to identify a building owner prepared to sell in an off-market deal.
Built in 1970, 1123 N. 33rd Ave. comprises three studio, 22 one-bedroom and four two-bedroom units. The buyer plans to make improvements to apartments as needed and address acute deferred maintenance.
“Today’s market conditions mean that there are few ground-up apartment developments addressing the widespread need for workforce housing,” said Waterloo. “Properties such as 1123 N. 33rd Ave. that are older but still in good shape can bring tremendous value to investors looking to tap into this demand.
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).
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