Real Estate
Downtown Condo Building Near Arlington Park Sells For $9.7M
The sale of the 40-unit multifamily property is the second-highest sale price on a per-unit basis in the past 5 years in the village.
ARLINGTON HEIGHTS, IL — Located just one mile from the potential future home of the Chicago Bears, a downtown condominium recently sold for $9.7 million. According to Taylor Johnson, who represents Chicago-based Interra Realty, the transaction of the 40-unit property at 1 N. Chestnut Ave. represents the second-highest sale price on a per-unit basis in the past five years in the village.
The transaction is also the second deconversion sale completed by Interra in Arlington Heights in the past 30 days, following the $4.1 million sale of the nearby 202-222 N. Salem Ave. For the latest sale, Interra represented seller Chestnut Street Condominium Association
"As long as there remains potent rental demand in desirable communities like Arlington Heights, I expect to see continued deconversion opportunities in select Chicago suburbs," Interra Managing Partner Patrick Kennelly said in a news release. "This submarket, in particular, has become more of an investment target following headlines related to Arlington Park."
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The Bears signed a $197.2 million purchase agreement in September 2021 to acquire Arlington Park, the former horse racetrack. That deal could close as early as the first quarter of 2023, according to multiple parties involved, including property owner Churchill Downs Ltd.
"We toured multiple prospective buyers through 1 N. Chestnut Ave. and received numerous offers," Interra Director PaulWaterloo said. "This was little surprise, given the property's great location in Arlington Heights' beautiful downtown and the return on investment that apartment buildings can bring to ownership in the current environment."
Find out what's happening in Arlington Heightswith free, real-time updates from Patch.
According to Interra, 1 N. Chestnut Ave. was constructed in 1971 and includes 21 one-bedroom units and 19 two-bedrooms. The new buyer plans to improve units over time as they turn over. The property is located off U.S. Highway 14 and is served by the Arlington Heights Metra station. Nearby attractions include a variety of restaurants, shops, grocery stores and golf courses.
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