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Aimco’s Hyde Park Apartments Come to Market
Aimco has put its 155-unit Hyde Park Tower up for sale, Crain’s Chicago Business reported. The Denver-based REIT is paring down its Chicago holdings and has hired the Chicago office of HFF to sell the circa-1990 apartment property, which could fetch twice the $22.3 million at which it was appraised in 2012.
In a marketing brochure, HFF describes the 22-story tower at 5140 S. Hyde Park Blvd. as a “core-plus investment opportunity” offering an “irreplaceable location with stunning lakefront and park views.” Aimco acquired Hyde Park Tower in 2004 and has put about $9.5 million into upgrades.
Crain’s reported that multifamily landlords have done well in Hyde Park, with the University of Chicago and the university’s Medical Center generating strong demand for apartments. Effective rents in the Bronzeville/Hyde Park/South Shore neighborhoods rose 4.7% in the first quarter from a year ago, according to the HFF brochure.
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