February 1, 2019
Interra Realty has brokered the sale of 5424 S. Cornell Ave., a 64-unit rental community in the South Side’s Hyde Park neighborhood. The $6-million sale price equated to approximately $93,750 per unit.
The firm’s Joe Smazal represented the private seller, while colleagues Ted Stratman and Jeremy Morton advised the buyer, Chicago-based Nautilus Investments, led by Sandeep and Carolyn Sood.
“This was the largest individual apartment building to sell in the Hyde Park neighborhood in 2018,” said Stratman. “The property was attractive not only because of its value-add potential, but also its number of units, which offers immediate scale in a high-demand submarket.”
The property was 90% occupied at the time of sale. A portion of financing was obtained through the Opportunity Investment Fund, set up by nonprofit lender Community Investment Corp. and Preservation Compact, to preserve affordable housing in neighborhoods like Hyde Park that have experienced significant rent growth.
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