Interra Realty recently facilitated the sale of a 12-unit multifamily building in Des Plaines, Illinois for $1.575 million, resulting in an average price of $131,250 per unit. The buyer was represented by Interra’s Managing Partner Patrick Kennelly and Managing Director Paul Waterloo while the seller was represented by a confidential local partnership.
Originally built as condominiums in 1963, the property underwent conversion to rentals in the mid-2000s. According to Waterloo, this decision was made due to high demand for rental space in Des Plaines and surrounding areas which continues today. He also noted that investors are actively seeking well-located turnkey assets like this one.
The building is located at 1348 Brown Street and features twelve one-bedroom units with recent capital improvements including renovated units, updated boiler system and new windows. The buyer plans on completing any remaining renovations.
This transaction highlights Interra’s expertise in brokering suburban Chicago mixed-use multifamily sales without explicitly mentioning specific regions or properties such as “Connect” or “Connect CRE.”
