Interra Realty brokered the sale of Sunset Village, an 84-unit multifamily property in Waukegan, Illinois. The senior housing property sold for $7.77 million, equivalent to $92,500 per unit.

Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the confidential seller in the deal. Kennelly, Waterloo and Zito also represented a private local partnership in the purchase of the property.

“Like many other Chicago suburbs, Waukegan has seen an increase in apartment occupancy, leading to steadily rising rents,” said Waterloo. “Sunset Village experienced a 7% increase in revenue over the past year, which is one of the reasons we saw so much competition for the property, with multiple offers from both local and out-of-state investors.”

Located at 2205-10 N. Butrick St., the property includes 79 one-bedroom and five two-bedroom units. Resident amenities include a secured entrance, inviting lobby and lounge, fitness space, multiple laundry facilities, elevator access and on-site parking, including underground garage spaces.

Interra Realty has brokered the sale of two separate, fully occupied multifamily properties in Chicago.

An eight-unit apartment building at 5130 S. Greenwood Ave. in the Hyde Park neighborhood sold for $2.92 million, and a 17-unit rental community at 6251 N. Talman Ave. in the city’s West Ridge neighborhood sold for $2.21 million.

Interra Senior Managing Partner Brad Feldman represented both the 5130 S. Greenwood buyer, a local private investor, and the seller, Barnett Capital. For the 6251 N. Talman transaction, Feldman procured the buyer, a local private investor, and, along with Interra Associate Kevin Rahmanim, represented the seller, a local family-owned LLC.

At $365,000 per unit, the 5130 S. Greenwood transaction represented the highest price per unit for vintage apartment buildings in the city’s Hyde Park neighborhood in the last five years. “Quality properties on Chicago’s North Side continue to command strong investor interest, especially those offering a value-add proposition,” Feldman said.