Interra Realty brokers sale of 130-unit Chicago multifamily portfolio

Sale of three-building portfolio sets 2022’s high-water mark in Hyde Park and demonstrates investor appetite for well-located multifamily assets

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Everett Avenue Portfolio
Interra Realty brokered the sale of a 130-unit mixed-use multifamily portfolio in Chicago’s Hyde Park neighborhood.

Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of a 130-unit mixed-use multifamily portfolio in Chicago’s Hyde Park neighborhood. Comprising three buildings, the portfolio sold for an undisclosed price.

Interra Senior Managing Partner Joe Smazal represented the seller, an affiliate of Chicago-based Tricap Residential Group. Interra Managing Partner Patrick Kennelly and Director Paul Waterloo represented the private, West Coast-based buyer.

“While some in the industry have suggested that multifamily deals are slowing down due to economic uncertainty, major transactions like this demonstrate persistent investor demand for sound assets in desirable neighborhoods,” said Smazal. “The fact that we were able to identify a buyer with the ability to close 35 days after contract execution is proof that not everyone is sitting on the sidelines with dry powder.”

The properties are located at 5454 S. Everett Ave., 5501 S. Everett Ave. and 5527 S. Everett Ave. The vintage buildings include 52 one-bedroom units, 60 two-bedroom units and 18 retail spaces. The rental units were approximately 95 percent occupied at the time of sale.

The properties are served by the Metra Electric and South Shore lines, as well as multiple CTA bus routes. Nearby amenities include access to Lake Michigan, Jackson Park and a variety of dining and shopping options.

Per CoStar data, Interra sold the five largest deals in Hyde Park in 2022 by dollar volume.