Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the off-market sale of a 33-unit mixed-use property at 5704 S. Harper Avenue in the city’s Hyde Park neighborhood for $6.6 million.
Interra Senior Managing Partner Brad Feldman represented both the buyer, a local private investor, and seller, a private family partnership.
The property was built in 1922. The corner building on Harper Avenue includes 28 one-bedroom apartments and five commercial spaces, the latter of which are fully leased by a Subway restaurant, bike shop, convenience store, barbershop and real estate office. At the time of sale, the residential units were also fully occupied. On-site resident amenities include a bike room and laundry facilities.
“There was a great deal of investor interest given the property’s prime location in Hyde Park near the University of Chicago, large concentration of students living there and historically high occupancy rates of both the residential and retail portions,” said Feldman. “While the building is in great condition, the buyer has the ability to modernize units to add overall value.”
Interra has closed several recent multifamily deals in Hyde Park, including an eight-unit property at 5130 S. Greenwood Avenue, brokered by Feldman in June for $2.92 million, or $365,000 per unit, the highest price per unit for a vintage property in the submarket in five years, per CoStar.
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 $2 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.
