Wilmette Apartment Building Sells For $9.2 Million

WILMETTE, IL — The sale of a mixed-use apartment building in downtown Wilmette recently closed for $9.2 million.

The 16-unit building at 1121 Greenleaf Ave., which has been as Art House Eleven 21, was completed in 2018.

“It’s rare for rental properties to come up for sale in this area, as most investors there apply a long-term hold strategy,” said Craig Martin, managing partner of Chicago-based Interra Realty, which represented both the buyer and the seller on the deal.

“We reached out to the most qualified prospective buyers, generating 20 showings and half a dozen offers — validating the thesis that there is very strong demand right now for the right asset in the most desirable locations,” Martin said.

The building includes a pair of retail spaces, six two-bedroom apartments and eight three-bedrooms.

Most of the apartments have covered patios or a terrace, and the building is finished with higher-end details such as 9-foot ceilings, quartz countertops and white oak hardwood floorings.

The sale comes out to a cost of about $577,000 per unit. In the past, three-bedroom units have been offered for rent for about $3,000 a month, plus various fees.

The seller was a joint ventures between 4 Corners, Gabe Horstick and Josh Krueger, which had a 10-year loan on the property with a 4.68 percent interest rate, while the buyer was Chicago-based HP Ventures Group, according to the deal's brokers.

The brokers said HP Ventures assumed the existing loan on the property, which was fully leased at the time of the sale.

“Interra has a lot of experience closing deals involving loan assumptions, which is why we are able to give sound counsel to sellers about all of the nuances involved,” said Managing Partner Lucas Fryman.

“With interest rate uncertainty, we expect assumable debt to remain an attractive component of many multifamily deals for the near future.”