Home News $9.7 million sale will make downtown Arlington Heights condo building apartments again

$9.7 million sale will make downtown Arlington Heights condo building apartments again

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A 40-unit condominium building in downtown Arlington Heights has sold for $9.7 million in a demolition deal to recreate apartments in a five-story building.

Interra Realty, a Chicago-based commercial real estate investment services firm, announced this week that it brokered a deal worth $242,500 per unit, according to a statement from the Condominium Association, and a secret buyer.

The deal is the second-highest selling price per unit for Arlington Heights in the past five years, according to commercial real estate data firm CoStar. This is his second deconversion sale Interra completed in the village last month, following his $4.1 million sale of a 34-unit condominium at 202-222 N. Salem Ave.

“As long as there is strong rental demand in attractive communities like Arlington Heights, we expect to continue to see deconversion opportunities in select locations outside Chicago,” said Patrick, managing partner at Interra. “This submarket, in particular, has seen more investment following headlines related to Arlington Park,” Kennelly said in a company announcement.

The Chestnut building is about a mile from a closed racetrack that the Chicago Bears have proposed for a massive $5 billion redevelopment. It’s also across from his proposed $150 million Arlington 425 residential and commercial campus. It is set to be the town’s next largest development in about 20 years, but has stalled due to financial difficulties.

The Chestnut building, built in 1971, has 21 one-bedroom and 19 two-bedroom units that the buyer plans to upgrade over time in time for the handover, officials said. rice field.

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