Interra Realty has brokered the $3.1 million sale of a 39-unit apartment building in Forest Park, Ill. Senior Managing Partner Joe Smazal represented the private seller, while Managing Partner Pat Kennelly and Director Paul Waterloo assisted the buyer. Earlier this year in February, Smazal was instrumental in the $27 million sale of a Chicago community.
Located at 500 Des Plaines Ave., the Forest Park property previously changed hands in 2015 for $2.4 million, in a deal also arranged by Interra Realty. Completed in 1931, the community comprises 33 studios and six one-bedroom units. The new owner plans to implement basic upgrades in the kitchens and baths and raise rents to market level.
The property is just off Interstate 290, within walking distance to the CTA Blue Line and near Pace bus routes and subway stations. The surrounding area has several retail and dining options, including the Madison Street entertainment district. The asset is 10 miles from downtown Chicago and O’Hare International Airport.