Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $8.7 million sale of a portfolio of multifamily and mixed-use properties located near the intersection of 57th Street and Blackstone Avenue in the heart of Chicago’s Hyde Park. Joe Smazal, managing partner at Interra Realty, represented the seller in the transaction.
“In a neighborhood like Hyde Park with lower sale velocity and limited availability of properties on the market, investors often are forced to build a portfolio through the acquisition of one or two buildings at a time,” said Smazal. “This deal represented the rare opportunity for the buyer to purchase a portfolio of several properties in a single transaction, clustered around a central location.”
The portfolio comprises a total of five buildings:
- 1321 E. 57th St.: three-unit rental building with 1,586 square feet of ground-level retail
- 1323 E. 57th St.: two-unit rental building with 1,592 square feet of ground-level retail
- 1413-15 E. 57th St.: six-unit rental building with three- and four-bedroom units
- 5706-08 S. Blackstone Ave.: six-unit rental building with two- and three-bedroom units
- 5710 S. Blackstone Ave.: three-unit rental building with four-bedroom units
In terms of total cost, the transaction represents the largest portfolio sale of multifamily and mixed-use properties in Hyde Park so far in 2018, according to CoStar. Smazal has sold 14 buildings in the neighborhood totaling $26,791,000 since the beginning of 2017.
“Investors have taken notice that multifamily and hospitality development is on the rise in Hyde Park, and the neighborhood is drawing new retailers,” said Smazal. “Beyond the inherent investor demand, the depth of our experience in this neighborhood contributed to our ability to secure a deal for this seller in less than three weeks.”
Situated 7 miles south of Chicago’s Loop, Hyde Park is often referred to as Chicago’s “culture coast” because of its proximity to a number of museums and educational institutions like the Museum of Science and Industry, the DuSable Museum of African American History, the Oriental Institute Museum and the University of Chicago. The neighborhood is surrounded by recreational attractions like the Chicago lakefront, Washington Park and Jackson Park, the future home of the Barack Obama Presidential Library.
About Interra Realty
Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $1 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds.
