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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