Interra Realty announced Senior Managing Partner Joe Smazal recently brokered a pair of multifamily transactions totaling $11.7 milllion in Chicago’s Hyde Park and Avondale neighborhoods.
In the first transaction, Smazal represented the private buyer and seller of a four-property, 24-unit portfolio in Hyde Park that traded for $8.55 million. This marks the second time since 2017 that Smazal has sold the portfolio, which includes 5409-11 S. Blackstone Ave., 5533-35 S. Blackstone Ave., 5623-25 S. Dorchester Ave. and 5427-29 S. Greenwood Ave.
In addition, Smazal represented the buyer and seller in the $3.275 million sale of 3149 N. Springfield Ave., a 23-unit rental community in Chicago’s Avondale neighborhood. Smazal has now sold the building three times, most recently in 2018.
5409-11 S. Blackstone Ave., 5533-35 S. Blackstone Ave., 5623-25 S. Dorchester Ave. and 5427-29 S. Greenwood Ave. – $8.55 Million
The four-building Hyde Park portfolio was sold in an off-market transaction to an East Coast-based buyer with a significant presence in Chicago. The price per unit was $356,250, one of the highest ever in the submarket, according to CoStar data.
All built in the early 20th century, the properties include three one-bedroom, three three-bedroom and 18 four-bedroom apartments. They are located within about a mile of one another, with easy access to CTA bus and rail lines, the Metra Electric District Line and DuSable Lake Shore Drive.
3149 N. Springfield Ave. – $3.275 Million
3149 N. Springfield Ave. traded for $142,391 per unit. The property includes a large lot to which an owner could add exterior amenities as an additional draw for tenants.
Built in 1932, 3149 N. Springfield includes seven studios, 12 one-bedrooms and four two-bedrooms. The building has a covered garage with six parking spaces.
Located near restaurants and bars on Milwaukee Avenue, 3149 N. Springfield is less than a mile from the Belmont Blue Line station and Kennedy Expressway.