Interra Realty has brokered the sale of 20West, a six-story multifamily community at 20 W. Northwest Highway in Mount Prospect, Illinois. The 71-unit rental property changed hands for $23,000,000, which equates to $323,943 per unit.
The buyer, Wheeling-based Anemone Real Estate, acquired the suburban Chicago asset from Wingspan Development Group. Wingspan opened 20West in 2019, and the property was reported to be 94% occupied at the time of the transaction, indicating a largely stabilized, income-producing multifamily investment at closing.
Interra Realty Managing Partner Paul Waterloo, Managing Partner Patrick Kennelly and Director Nathan Zito represented both sides of the sale. The team acted on behalf of Anemone Real Estate as buyer and also represented Wingspan Development Group as seller, coordinating the deal between a local developer and an investor seeking to expand in Chicago’s suburban rental market.
According to commentary from Waterloo, large-scale, Class A multifamily developments in Chicago’s suburbs continue to attract attention from buyers looking to grow their portfolios in locations where rents have been rising. He noted that this transaction aligned a well-known local development firm with an operator that recognized the value of the asset’s quality, its suburban location and its long-term positioning within the regional rental market.
20West offers a mix of studio, one-bedroom and two-bedroom apartments, along with a single three-bedroom penthouse unit. The residential program is complemented by a two-story restaurant space, which is currently leased to The Prospect, described as an upscale, chef-driven restaurant concept. The presence of a leased restaurant space adds an additional income stream and amenity component to the property.
The sale of 20West highlights ongoing investment activity in newer Class A multifamily product in the Chicago suburbs, where stabilized occupancy and recent delivery timelines remain attractive to private investors. With a nearly full building and a per-unit price that reflects its positioning as a Class A community, the asset demonstrates that investor demand persists for well-located, high-quality rental properties in suburban submarkets around Chicago.
