Interra Realty brokered the $8.7 million sale of a portfolio of multifamily and mixed-use properties located near the intersection of 57th Street and Blackstone Avenue in the heart of Chicago’s Hyde Park. Joe Smazal, managing partner at Interra Realty, represented the seller in the transaction.
“In a neighborhood like Hyde Park with lower sale velocity and limited availability of properties on the market, investors often are forced to build a portfolio through the acquisition of one or two buildings at a time,” said Smazal. “This deal represented the rare opportunity for the buyer to purchase a portfolio of several properties in a single transaction, clustered around a central location.”
The portfolio comprises a total of five buildings: 1321 E. 57th Street, a three-unit rental building with 1,586 square feet of ground-level retail; 1323 E. 57th Street, a two-unit rental building with 1,592 square feet of ground-level retail; 1413–15 E. 57th Street, a six-unit rental building with three- and four-bedroom units; 5706-08 S. Blackstone Avenue, a six-unit rental building with two- and three-bedroom units and 5710 S. Blackstone Avenue, a three-unit rental building with four-bedroom units.
In terms of total cost, the transaction represents the largest portfolio sale of multifamily and mixed-use properties in Hyde Park so far in 2018, according to CoStar. Smazal has sold 14 buildings in the neighborhood totaling $26,791,000 since the beginning of 2017.
“Investors have taken notice that multifamily and hospitality development is on the rise in Hyde Park, and the neighborhood is drawing new retailers,” said Smazal. “Beyond the inherent investor demand, the depth of our experience in this neighborhood contributed to our ability to secure a deal for this seller in less than three weeks.”