A large Oak Park apartment building will be under new ownership after a multi-million-dollar sale went through last month, according to county records.
California-based FPA Multifamily bought Oak Park City Apartments at 675 W. Lake St. from a venture of Boston-based investor Intercontinental Real Estate in a deal that closed March 25, according to Cook County property records. The building sold for $23 million.
The building has 125 rental units. It last sold for $20 million in 2009, according to Cook County records.
The apartment complex at Lake and Euclid sits on the site of the original Oak Park village hall. The building was demolished after Oak Park moved its municipal offices and police department to Madison and Lombard in the 1970s.
The village of Oak Park will receive $184,000 in transfer tax funds as result of the sale, village officials confirmed. Oak Park’s transfer tax rate is $8 for every $1,000 of a sale, according to the village.
The sale was first reported by Crain’s Chicago Business.