Interra Realty brokers $11 million sale of apartment community in Waukegan
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $11 million sale of Westwood Apartments, an 11-building, 132-unit multifamily property in Waukegan, Ill., a northern suburb of Chicago.
The transaction was the largest by dollar amount in Waukegan in the past four years, per CoStar data.
Interra Managing Partner Patrick Kennelly, Managing Director Paul Waterloo and Associate Nathan Zito represented the local private buyer. The Kennelly-Waterloo-Zito team also represented the seller, a confidential local investment group. Originally constructed in 1970, the property was 96% occupied at the time of sale.
"Many northern Chicago suburbs, especially in Lake County, have seen robust and sustained rent growth in the last few years, which in turn has led to price appreciation," said Waterloo. "It's clear that investors expect this trend to continue, as we fielded nine written offers in the first month of marketing this asset."
Located at 2720-2732 Westwood Drive, the garden-style community offers 132 two-bedroom, one-bath apartments. The buyer, who acquired the property as part of a 1031 exchange, plans to make improvements to the building exteriors, common areas and unit interiors.
Westwood Apartments is served by Metra's Waukegan station on the UP-N line and is close to multiple Pace bus routes. The property is a 10-minute drive from Lake Michigan and within walking distance of numerous retail and restaurant establishments.
This is the seventh multifamily property Kennelly and Waterloo have brokered in the north and northwest suburbs since 2022.
They represented the seller of 612 Sheridan Road in Evanston, Ill., which traded for $10.3 million, and represented both the buyer and seller in multiple deals, including the $9.7 million sale of 1 N. Chestnut Ave. and the $4.1 million sale of 202-222 N. Salem Ave., both in Arlington Heights; the $3 million sale of 22961 N. Apple Hill Lane in Lincolnshire; the $1.575 million sale of 1348 Brown St. in Des Plaines; and the $1.32 million sale of 1950 Parkside Drive in Park Ridge.