Interra Realty, a commercial real estate investment services firm based in Chicago, recently facilitated the sale of Westwood Apartments for $11 million. The property is located in Waukegan, Illinois and consists of 11 buildings with a total of 132 units.
The buyer was represented by Interra’s Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito. The seller was a local investment group who chose to remain confidential. According to Waterloo, many suburbs in northern Chicago have experienced strong rent growth over the past few years leading to an increase in property values.
The new owner plans on making improvements to the exterior and common areas as well as updating unit interiors. Built in 1970, Westwood Apartments were almost fully occupied at the time of sale.
Situated at 2720-2732 Westwood Drive, this garden-style community offers two-bedroom apartments with one bathroom each. It is conveniently located within walking distance from various retail and dining options and only a short drive away from Lake Michigan.
This transaction marks another successful deal for Interra Realty who continues to provide top-notch services for their clients’ commercial real estate needs.
