Interra Realty brokered the $17 million sale of a three-building, 79-unit multifamily portfolio in Chicago’s Hyde Park to a single buyer. The properties include 1310 E. Hyde Park Blvd., a 25-unit building; 1318 E. Hyde Park Blvd., a 26-unit property; and 1334 E. Hyde Park Blvd., a 28-unit building. The transaction was the largest by total sale price and unit count since Interra brokered the $23.4 million sale of The Cloisters, an 86-unit apartment complex at 5801 S. Dorchester Ave., in 2021.
Interra Senior Managing Partner Joe Smazal represented the private seller, an East Coast-based investor that had renovated 90% of the units, with Interra securing multiple offers and closing the deal despite recent economic volatility. The confidential buyer, a separate East Coast-based investor who was represented by Interra Managing Partner Ted Stratman, plans to add energy-efficient boilers, replace all roofs, update the remaining unrenovated units and add new amenities such as bike rooms.
1310, 1318 and 1334 E. Hyde Park Blvd. comprise 43 one-bedroom units and 36 three-bedrooms. The three-bedroom apartments feature in-unit laundry.
The three properties are located about a mile from the University of Chicago and served by several CTA bus routes, including those connecting to the Green and Red Lines. They are also close to the 51st/53rd Street station along Metra’s Electric Line; a variety of retail, restaurant and hospitality offerings in downtown Hyde Park; and attractions along the lakefront, located about a half-mile from the buildings.
