October 15, 2019 Comments Off on Buyer of Berwyn Apartments Plans Gut Rehab Views: 581 Chicago News, Greater Chicagoland

Buyer of Berwyn Apartments Plans Gut Rehab

Interra Realty brokered the sale of 1917-23 S. Grove Ave., a four-story, 34-unit building in the western suburb of Berwyn, IL. The firm’s Pat Kennelly and Paul Waterloo represented both the seller, Riverside-based Property Rental Inc., and the buyer, BAM 1917 Grove LLC, which plans a $1-million gut rehab.

Deal terms weren’t disclosed. The property has 32 one-bedroom apartments and two studios. The building was 88% occupied at the time of closing.

Before hiring Interra, the seller had spent nearly five years trying to secure a buyer.

“The Grove Avenue property was aging but still had good bones and a desirable location—near transit, with access to quality schools as well as retail and restaurants along Cermak Road,” Kennelly said. “These are enduring attributes that support the asset’s long-term value, and the investor understood the potential.”

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