Chicago & Midwest + South Side + Apartments | September 20, 2018

Mixed-Use Portfolio Fetches Hyde Park’s Highest Price YTD

Interra Realty has brokered the $8.7-million sale of a portfolio of multifamily and mixed-use properties located near the intersection of 57th Street and Blackstone Avenue in Chicago’s Hyde Park. Joe Smazal, managing partner at Interra Realty, represented the seller in the transaction.

“In a neighborhood like Hyde Park, with lower sale velocity and limited availability of properties on the market, investors often are forced to build a portfolio through the acquisition of one or two buildings at a time,” said Smazal. “This deal represented the rare opportunity for the buyer to purchase a portfolio of several properties in a single transaction, clustered around a central location.”

In terms of total cost, the transaction represents the largest portfolio sale of multifamily and mixed-use properties in Hyde Park thus far in 2018, according to Interra, citing CoStar data. Smazal has sold 14 buildings in the neighborhood, totaling $26,791,000 since 2017.

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About Paul Bubny

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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