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Interra Realty Facilitates $11M Sale Of Westwood Apartments In Waukegan

Property Image
SOLD
$11,000,000
Paul Waterloo
Patrick (Pat) Kennelly
Nathan Zito

Illinois

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MultiFamily
Sold 12/04/2023
the dealplayerscompscontact
Property Image
SOLD

Interra Realty Facilitates $11M Sale Of Westwood Apartments In Waukegan

2720 Westwood Drive & 2732 Westwood Drive

See Similar Deals
MultiFamily
Sold 12/04/2023
Paul Waterloo
Patrick (Pat) Kennelly
Nathan Zito
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

The largest transaction in Waukegan in the last four years, Westwood Apartments, a 132-unit multifamily property located at 2720-2732 Westwood Drive, has been sold for $11 million.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $11,000,000
  • Units: 11
  • Price Per Unit: $1,000,000

Interra Realty, represented by Nathan Zito, Patrick Kennelly, and Paul Waterloo, was the broker involved in this deal. The buyer, a local private investor engaged in a 1031 exchange, plans to make improvements to the building exteriors, common areas, and unit interiors.

Players

Patrick (Pat) Kennelly
Interra Realty
Patrick Kennelly
52 deals$326.9M volume
BROKER
Paul Waterloo
Interra Realty
Paul Waterloo
52 deals$328M volume
BROKER
Nathan Zito
Interra Realty
Nathan Zito
12 deals$91.5M volume(312) 477-0192
BROKER

Details

SOLD
IMAGE: Nathan Zito, Paul Waterloo & Patrick Kennelly DATE: 12/04/2023 ADDRESS: 2720-2732 Westwood Drive MARKET: Waukegan ASSET TYPE: Multifamily BROKERS: Nathan Zito, Patrick Kennelly (@PJK8877) & Paul Waterloo (@PWaterloo) - Interra Realty (@InterraRealty) SALE PRICE: $11,000,000 UNITS: 132 ~ PPU: $83,333 NOTE: Interra Realty brokered the $11 million sale of Westwood Apartments, a 132-unit multifamily property in Waukegan, a Chicago suburb—the largest transaction in Waukegan in the last four years. The local private buyer, engaged in a 1031 exchange, intends to improve building exteriors, common areas, and unit interiors.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$586,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$39,080.67
Cash-on-Cash Return-1.27%
Monthly Debt Service$52,145.61
Annual Debt Service$625,747.34