Interra Realty brokered the $17-million sale of a three-building, 79-unit multifamily portfolio in Chicago’s Hyde Park neighborhood to a single buyer. The properties include the 25-unit 1310 E. Hyde Park Blvd., the 26-unit 1318 E. Hyde Park Blvd. and the 28-unit 1334 E. Hyde Park Blvd..
The transaction was the neighborhood’s largest by 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.
Senior managing partner Joe Smazal represented the private seller, an East Coast-based investor that had renovated 90% of the units. The confidential buyer, a separate East Coast-based investor 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.
“These properties presented a long-term client with an opportunity to substantially add to its South Side portfolio,” said Stratman.