Interra Realty Brokers $23M Sale of Suburban Chicago Apartments
Interra Realty facilitated the sale of 20West, a six-story, 71-unit rental community at 20 W. Northwest Highway in Mount Prospect, Illinois, for $23 million. The transaction equated to $323,943 per unit.
Interra Managing Partner Paul Waterloo, Managing Partner Patrick Kennelly and Director Nathan Zito represented the buyer, Wheeling-based Anemone Real Estate. Zito, Waterloo and Kennelly also represented the seller, Wingspan Development Group, which opened the property in 2019. It was 94% occupied at the time of sale.
“Large-scale, Class A multifamily developments continue to attract interest from buyers seeking to grow their presence in Chicago’s suburbs, where rents have continued to increase,” said Waterloo. “This sale brought together a highly regarded local developer and an operator that immediately saw the value in the asset’s quality, location and long-term positioning.”
20West features studio, one-, and two-bedroom layouts, as well as one three-bedroom penthouse. The property also features a two-story restaurant space, currently leased to The Prospect, an upscale, chef-driven concept.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout