Interra Realty, a Chicago-based commercial real estate investment services firm, today announced Senior Managing Partner Joe Smazal recently brokered a pair of multifamily transactions totaling $11.7 milllion in Chicago’s Hyde Park and Avondale neighborhoods.
In the first transaction, Smazal represented the private buyer and seller of a four-property, 24-unit portfolio in Hyde Park that traded for $8.55 million. This marks the second time since 2017 that Smazal has sold the portfolio, which includes 5409-11 S. Blackstone Ave., 5533-35 S. Blackstone Ave., 5623-25 S. Dorchester Ave. and 5427-29 S. Greenwood Ave.
In addition, Smazal represented the buyer and seller in the $3.275 million sale of 3149 N. Springfield Ave., a 23-unit rental community in Chicago’s Avondale neighborhood. Smazal has now sold the building three times, most recently in 2018.
“With deep roots in Chicago’s neighborhoods as well as the suburbs, Interra is often brought back to resell the same properties, which underscores our intimate familiarity with the local rental stock and commitment to client service,” said Smazal. “All five of these properties are turnkey and stabilized, which some investors prefer over value-add. By understanding how they aligned with the investment criteria of prospective buyers, we were able to facilitate a quick close.”
5409-11 S. Blackstone Ave., 5533-35 S. Blackstone Ave., 5623-25 S. Dorchester Ave. and 5427-29 S. Greenwood Ave. – $8.55 Million
The four-building Hyde Park portfolio was sold in an off-market transaction to an East Coast-based buyer with a significant presence in Chicago. The price per unit was $356,250, one of the highest ever in the submarket, according to CoStar data.
“Besides needing no immediate capital improvements and being fully rented, these properties appealed to investors because they are located in a perennially popular ‘eds and meds’ rental market near the University of Chicago and UChicago Medicine,” said Smazal. “In the past five years, Interra has sold more Hyde Park apartment buildings than any other brokerage, so we know how to effectively market properties and steer investor clients toward the most compelling opportunities.”
All built in the early 20th century, the properties include three one-bedroom, three three-bedroom and 18 four-bedroom apartments. They are located within about a mile of one another, with easy access to CTA bus and rail lines, the Metra Electric District Line and DuSable Lake Shore Drive.
3149 N. Springfield Ave. – $3.275 Million
3149 N. Springfield Ave. traded for $142,391 per unit. The property includes a large lot to which an owner could add exterior amenities as an additional draw for tenants.
“Avondale has become a hot neighborhood for renters as well as an in-demand market for investors seeking stable properties with rent growth and appreciation potential,” said Smazal. “3149 N. Springfield is well-located and one of the few buildings of scale in Avondale. The potential to make minor upgrades to the existing building and potentially add amenities increased its marketability.”
Built in 1932, 3149 N. Springfield includes seven studios, 12 one-bedrooms and four two-bedrooms. The building has a covered garage with six parking spaces.
Located near restaurants and bars on Milwaukee Avenue, 3149 N. Springfield is less than a mile from the Belmont Blue Line station and Kennedy Expressway.
About Interra Realty:
Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $1 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com.
