RE Journals: Vintage 13-story Hyde Park Apartment Building Sells for $23.45 million

David Goss
Deal Stories
Joe Smazal
Jon Morgan
Mark Dykstra

CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $23.45 million sale of The Cloisters, a 13-story, 86-unit rental community at 5801 S. Dorchester Ave. in Chicago’s Hyde Park neighborhood, securing the highest price for any single multifamily asset in Hyde Park in over a decade and a price per unit of $272,675.  

Interra co-founders and Principals David Goss and Jon Morgan, Senior Managing Partner Joe Smazal and Associate Mark Dykstra represented the seller, the Baptist Theological Union (BTU). BTU bought The Cloisters in 1961 from the University of Chicago, which since then has managed the property. Interra guided BTU step by step through the marketing and sales process and sourced the buyer, Antheus Capital, which plans to upgrade units and continue to rent to university faculty and staff while also expanding to students and other renters. 

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