Chicago, IL – Congratulations to Interra Realty‘s David Goss, Jon Morgan, Joe Smazal, and Mark Dykstra on the recent sale of 5801 S. Dorchester Avenue in Hyde Park. The Cloisters is an architecturally significant commercial real estate, multifamily asset that had been pridefully owned by a non-profit for 60 years. After receiving an unsolicited offer, the non-profit was introduced to Interra to perform a valuation. We were engaged to exclusively market the property and generated tremendous interest in a short period of time. The pricing greatly exceeded the value of the unsolicited offer and competition drove the price higher than our target pricing. The Buyer was selected not only because of their aggressive price and terms but because of their large portfolio of similar properties and the Seller’s confidence that they would be a good steward of the property for years to come.

Read more articles on this transaction below:

• ReBusiness Online – August 27, 2021: Interra Realty Brokers $23.4M Sale of The Cloisters Apartment Complex in Chicago’s Hyde Park
• Connect CRE Chicago – August 29, 2021: Hyde Park Sale is Neighborhood’s Largest in a Decade
• Chicago Business Journal – August 30, 2021: The Cloisters, a 13-Story Apartment Building in Hye Park Sells for $23.45 Million
• Bisnow – Deal Sheet – August, 2021: The Baptist Theological Union sold The Cloisters
• The Real Deal – August 31, 2021: Hyde Park Landlord Picks Up Another Apartment Building for $23.5M
• REJournals – August 30, 2021: Vintage 13-Story Hyde Park Apartment Building Sells for $23.45 Million