CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of a 130-unit mixed-use multifamily portfolio in Chicago’s Hyde Park neighborhood. Comprising three buildings, the portfolio sold for an undisclosed price.
Interra Senior Managing Partner Joe Smazal represented the seller, an affiliate of Chicago-based Tricap Residential Group. Interra Managing Partner Patrick Kennelly and Director Paul Waterloo represented the private, West Coast-based buyer.
“While some in the industry have suggested that multifamily deals are slowing down due to economic uncertainty, major transactions like this demonstrate persistent investor demand for sound assets in desirable neighborhoods,” said Smazal. “The fact that we were able to identify a buyer with the ability to close 35 days after contract execution is proof that not everyone is sitting on the sidelines with dry powder.”
The properties are located at 5454 S. Everett Ave., 5501 S. Everett Ave. and 5527 S. Everett Ave. The vintage buildings include 52 one-bedroom units, 60 two-bedroom units and 18 retail spaces. The rental units were approximately 95% occupied at the time of sale.
The properties are served by the Metra Electric and South Shore lines, as well as multiple CTA bus routes. Nearby amenities include access to Lake Michigan, Jackson Park and a variety of dining and shopping options.
Per CoStar data, Interra sold the five largest deals in Hyde Park in 2022 by dollar volume.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com.
About Tricap Residential Group: Our company, at its core, is a real estate execution firm. We are finding opportunities, creating a vision of where we want to take that opportunity, and driving the deal's execution. Tricap develops, owns, and manages communities across seven markets headquartered in Chicago. For more information, visit www.tricapres.com