Interra Realty recently closed the sale of Sunset Village, a senior housing property located in Waukegan, Illinois. The 84-unit multifamily property was sold for $7.77 million, equivalent to $92,500 per unit.
The confidential seller was represented by Interra’s Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito. Additionally, the same team also represented a private local partnership in purchasing the property.
According to Waterloo: “Waukegan has experienced an increase in apartment occupancy and rising rents similar to other Chicago suburbs.” This is evident through Sunset Village’s 7% revenue growth over the past year which resulted in high competition for the property from both local and out-of-state investors.
Located at 2205-10 N. Butrick St., this well-maintained complex features 79 one-bedroom units and five two-bedroom units with amenities such as secured entrance,lounge area,f itness space,multiple laundry facilities,elevator access,and on-site parking including underground garage spaces.
Interra Realty successfully facilitated a $7.7 million sale of Sunset Village – an attractive senior housing community situated in Waukegan,Illinois.The transaction involved representation from Interra’s highly skilled team comprising of Managing Partner Patrick Kennelly ,Managing Director Paul Waterloo,and Associate Nathan Zito who acted on behalf of an undisclosed seller.Additionally,the same trio played instrumental roles representing a private local partnership that acquired ownership rights over this coveted asset .
Waterloo highlighted how like many other Chicago suburbs,Waukegan too had witnessed increased demand for apartments leading to higher occupancy rates,resulting into escalating rental prices.Sunset village is no exception as its revenues surged by approximately seven percent during last year alone.This explains why multiple offers were received from both regional players as well out-of-state investors vying for ownership stake here .
Strategically positioned at prime location -2205-10 N. Butrick St.,Sunset Village boasts of 79 one-bedroom and five two-bedroom units with an array of resident amenities including secured entrance,inviting lobby,lounge area,fitness center,multiple laundry facilities,elevator access,and on-site parking featuring underground garage spaces.
