CHICAGO, IL – A multifamily property in Hyde Park has been scooped up by an East Coast investment group. 

Winchester, Massachusetts-based Estia Properties recently sold the 24-unit mixed-use property at 5300 South Blackstone Avenue for $9 million, or $375,000 per apartment, highlighting the growing interest in the area near the highly anticipated Obama Presidential Center, the Chicago Business Journal reported. The buyer wasn’t identified.

Estia Properties was represented by Interra Realty’s Joe Smazal and Mark Dykstra, who have brokered 11 sales in Hyde Park over the past five years totaling more than $83 million. 

“Multifamily properties in vibrant areas like Hyde Park are in high demand right now with particular investor focus on midsize buildings like this one,” Smazal said. 

Built in 1907, the five-story building includes the residential component and two ground-floor commercial spaces, occupied by Philz Coffee and Ivy Leasing & Management. The apartments have been updated with renovated kitchens and bathrooms, in-unit laundry and individual HVAC systems. The property also includes a 16-car parking lot. 

See the complete article at the Real Deal.

Read additional articles on this transaction at:

ConnectCRE: Interra Closes $9M Sale of Hyde Park Mixed-Use

YieldPro: Interra Realty Closes $9MSale of Mixed-Use Building on Blackstone Avenue in Chicago’s Hyde Park Neighborhood