Interra Brokers Hyde Park’s Largest Apartment Sale of 2018
Interra Realty has brokered the sale of 5424 S. Cornell Ave., a 64-unit rental community in the South Side’s Hyde Park neighborhood. The $6-million sale price equated to approximately $93,750 per unit.
The firm’s Joe Smazal represented the private seller, while colleagues Ted Stratman and Jeremy Morton advised the buyer, Chicago-based Nautilus Investments, led by Sandeep and Carolyn Sood.
“This was the largest individual apartment building to sell in the Hyde Park neighborhood in 2018,” said Stratman. “The property was attractive not only because of its value-add potential, but also its number of units, which offers immediate scale in a high-demand submarket.”
The property was 90% occupied at the time of sale. A portion of financing was obtained through the Opportunity Investment Fund, set up by nonprofit lender Community Investment Corp. and Preservation Compact, to preserve affordable housing in neighborhoods like Hyde Park that have experienced significant rent growth.
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).
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