Interra Realty, a Chicago-based commercial real estate investment services firm, today announced Managing Partners Craig Martin and Lucas Fryman negotiated a pair of multifamily sales totaling $30 million on Chicago’s South Side and west suburban Clarendon Hills.
The transactions include:
229 Park, Clarendon Hills, Ill. – $19.35 million
Fryman and Martin brokered the $19.35 million sale of 229 Park, a four-story, 43-unit mixed-use property at 229 Park Ave. in downtown Clarendon Hills. The price per unit was $450,000.
Interra represented the Chicago-based sellers, Hubbard Street Group, Centrum Realty & Development and Pine Grove Partners, as well as the buyer, Chicago-based HP Ventures Group.
“Well-located, recently constructed apartment communities are in high demand in the suburbs, as they provide a level of rental housing that is not widely available outside the city,” said Martin. “229 Park checks every box and also has run at almost full occupancy since it opened. We had existing relationships with both buyer and seller and, as a result, knew the buyer was looking for additional investments that suited its long-term business plan, while the seller wanted a discrete sale with minimal execution risk. So, we matched the two and were able to close the deal without delays.”
Built in 2018, 229 Park includes one retail space, currently occupied by Moda Eyecare, along with 16 one-bedroom units, 19 two-bedrooms and seven live/work townhomes. The units were fully occupied at the time of sale.
“We continue to see value in the Chicagoland market,” said Steve Cook, HP managing partner. “After growing our portfolio value and unit count by 75% in 2021, we are increasing our property management capabilities in anticipation of additional growth in 2022. With its excellent location in an upscale suburb walkable to transportation, 229 Park is a great example of our niche strategy to serve tenants who prefer to rent high-quality units in excellent locations. Meanwhile, multifamily developers see HP as a reliable, reputable buyer of their stabilized properties, which allows them to recycle their capital into new projects.”
229 Park is a two-minute walk to the Clarendon Hills Metra station, providing service to downtown Chicago, and steps from shopping, dining and other businesses in downtown Clarendon Hills.
5736 S. Stony Island Ave., Chicago – $10.62 million
Martin and Fryman also brokered the $10.62 million sale of 5736 S. Stony Island Ave., a 75-unit rental community in Chicago’s Hyde Park neighborhood, steps from the Museum of Science and Industry and less than a mile from the future Obama Presidential Center. The price per unit was $141,667.
Martin and Fryman represented the seller, 29th Street Capital, as well as the confidential buyer. Martin had previously represented 29th Street when the firm bought the property in 2017. During the past four years, 29th Street made many building improvements, adding a new tear-off roof, internet-based intercom system, wireless internet and bike room; remodeling laundry facilities; and updating stairwells. It also renovated 59 of the units, refinishing hardwood floors and adding stainless appliances, stone counters, white cabinets and new bathrooms, while improving management and seasoning the tenant base. When 29th Street decided to sell, it called on Martin and Fryman to sell the property. Thanks to the duo’s aggressive marketing campaign, the property went under contract in two weeks and closed in 60 days from contract signature. New ownership intends to renovate the final 16 units.
“5736 S. Stony Island offers the scale and improvements that many multifamily investors seek in an established submarket like Hyde Park,” said Fryman. “Its proximity to the Obama Presidential Center – just five blocks to the north – also made this building highly sought-after. In addition, it is walking distance to the University of Chicago, a stone’s throw from a world-class museum, the Museum of Science and Industry, and a short distance to the lakefront and multiple modes of transportation.”
Built in 1924, 5736 S. Stony Island includes 43 studios, 29 one-bedrooms and three two-bedrooms. The apartments were 96% occupied at the time of sale.
5736 S. Stony Island offers service to downtown via multiple bus routes, including the No. 6 Jackson Park Express and No. 15 Jeffery Local, as well the 55th-56th-57th Street station of the Metra Electric Line and Jean-Baptiste Pointe DuSable Lake Shore Drive.
