Newly Built Multifamily Property on Chicago’s North Shore Sales for $11 Million

An apartment complex with 37 units was recently sold through the brokerage services of a Chicago-based commercial real estate investment services organization. It sold for $11 million, or $297,300 per unit, and is located at 546 Green Bay Road.

Sy Oko was represented by Interra Managing Partner Craig Martin, who, despite rising interest rates, was successful in promptly finding a buyer during the initial lease-up term. Martin also acted as buyer’s agent on behalf of HP Ventures Group-Development Services LLC, a development and property management firm specializing in the construction, acquisition, and management of medium-rise apartment complexes and townhouse developments.

The downtown area of Highwood, Illinois is also conveniently close

According to Martin, “we’ve continued to observe a growing demand for high-quality boutique rentals in the suburbs as more individuals seek modern and comfortable living options outside the city center.”

” Additionally, we assisted the buyer in expanding its portfolio because we know that demand for these particular properties has been high despite higher interest rates. One studio, fourteen one-bedrooms, and twenty-two two-bedrooms at 546 Green Bay Road. There has been a recent flurry of boutique residential constructions in Highwood; This new structure is just one example.”

source: rejournals.com