Interra Realty recently brokered the sale of a 15-unit multifamily property located in Forest Park, Illinois for $1.84 million. The three-story building was constructed in 1979 and is situated at 102 Rockford Avenue, approximately 10 miles west of Chicago. The transaction equated to $122,666 per unit and included five studios and 10 one-bedroom units that were fully occupied at the time of sale.
Managing Partner Patrick Kennelly and Director Paul Waterloo represented both the local investor who acquired the property as well as its confidential seller through sourcing efforts on behalf of Interra Realty.
“Tax-deferred swaps can be incredibly advantageous for multifamily investors,” said Waterloo.”In this case we were able to help our buyer grow their apartment portfolio by trading up from a smaller building via a 1031 exchange despite economic uncertainty amid high interest rates.” added Kennelly “When all boxes are checked off investors remain undaunted when it comes to acquiring these properties”.
