Hyde Park Sale is Neighborhood’s Largest in a Decade
Interra Realty brokered the $23.45-million sale of The Cloisters, a 13-story, 86-unit rental community at 5801 S. Dorchester Ave. in the South Side’s Hyde Park neighborhood. The property traded to Antheus Capital at the neighborhood’s highest price for a single multifamily asset in more than a decade.
David Goss, Jon Morgan, Joe Smazal and Mark Dykstra of Interra represented the seller, the Baptist Theological Union (BTU). BTU bought The Cloisters in 1961 from the University of Chicago, which since then has managed the property.
“After BTU received an unsolicited offer and was introduced to Interra to perform a valuation, the nonprofit engaged us to exclusively market the property,” said Smazal. “The buyer was selected not only because of its aggressive price and terms, but also because of its large portfolio of similar properties and the seller’s confidence it will be a good steward of the property for years to come.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).