Interra Realty facilitates $7.77 million sale of 84-unit multifamily property in Waukegan

Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of Sunset Village, an 84-unit multifamily property in Waukegan, a suburb of Chicago. The property, which offers housing options for individuals aged 55 and older, 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., Sunset Village was constructed over two phases in 1992 and 2001. The property includes 79 one-bedroom and five two-bedroom units, approximately half of which feature private balconies. 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.

Waterloo and Kennelly have listed and sold $21.87 million worth of multifamily properties in Waukegan in the last three years. This includes the $11 million sale of Westwood Apartments, an 11-building, 132-unit multifamily property, in December 2023.

Sunset Village is located close to dining and shopping options, the Genesee Theater and multiple golf courses. The property is approximately two miles from the Lake Michigan shoreline and is in proximity to two nature preserves. The area is served by Metra's Union Pacific North Line and the Waukegan National Airport.