CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of a mixed-use building at 5300 S. Blackstone Ave. featuring 24 apartments as well as two ground-floor commercial spaces. The property sold for $9.025 million, equating to $347,115 per unit.
Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra brokered the deal on behalf of the buyer, Estia Properties, a Chicago-based real estate investment and management company. Smazal and Dykstra also represented the confidential seller, an East Coast-based investment group.
“Multifamily properties in vibrant areas like Hyde Park are in high demand right now, with particular investor focus on midsize buildings like this one,” said Smazal. “Estia Properties was attracted by the prospect of creating value with this asset through operational efficiencies.”
Originally constructed in 1907, the property includes one one-bedroom, 11 two-bedroom and 12 three-bedroom layouts. All apartments feature renovated kitchens and bathrooms, in-unit laundry and individual HVAC. The property also features a 16-car parking lot.
The building’s corner retail space is leased to Philz Coffee. The other commercial space is occupied by a local property management company.
Located on the busy 53rd Street retail corridor, 5300 S. Blackstone is within walking distance of the University of Chicago, Museum of Science and Industry, and amenities along the Lake Michigan shoreline. It is also near the Metra Electric line’s 51st/53rd Street station and served by multiple CTA bus routes.
Over the past five years, the Smazal-Dykstra team has sold 11 properties in the Hyde Park submarket totaling over $83 million.
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 several 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