October 15, 2019
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.”
Connect Chicago Fall 2019 will take place Oct. 29 in Chicago. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny