Brookline Real Estate, a boutique commercial real estate company based in Chicago, is pleased to announce the successful sale of a multifamily portfolio in Blue Island, marked by a strategic asking price of $1,190,000. The portfolio included properties that underwent significant unit and mechanical upgrades, enhancing their overall appeal to potential investors.
Despite a challenging market with higher interest rates, the portfolio demonstrated its inherent value, ultimately fetching an impressive 94% of the list price. This achievement underscores the desirability and resilience of the properties in the face of prevailing economic conditions.
The transaction was preceded by immediate, heavy interest as multifamily team leader, Bill Lundy, fielded multiple offers for the portfolio. The final sale was the result of careful negotiation and a comprehensive understanding of the market landscape Chicago’s South Suburbs.
The properties were divested by a local owner seeking to capitalize on the benefits of a 1031 exchange, aiming to reinvest the proceeds into a larger multifamily property. This strategic move aligns with the owner’s long-term investment goals, highlighting the adaptability and foresight exhibited in the management of this multifamily portfolio.
The successful sale in Blue Island not only underscores the strength of the local real estate market but also exemplifies the expertise and dedication brought to the transaction by all parties involved. It marks a significant step for Brookline’s client, positioning them favorably for future endeavors in real estate investing.
For more information about Brookline and how they can help you achieve your real estate goals, please visit brooklinellc.com or call 630-590-5910.
