Nautilus Buys Community in Chicago’s Hyde Park
Interra Realty facilitated the $6 million transaction. Joe Smazal worked on behalf of the seller, while Ted Stratman and Jeremy Morton represented the buyer.
5424 S. Cornell Ave.
Nautilus Investment has purchased a 64-unit vintage multifamily property in Chicago’s Hyde Park neighborhood, near the University of Chicago and Museum of Science and Industry. Interra Realty’s Managing Partner Ted Stratman, Senior Managing Partner Joe Smazal and Director Jeremy Morton represented both parties in the $6 million deal. Part of the financing was obtained through the Opportunity Investment Fund, set up by nonprofit lender Community Investment Corp. and Preservation Compact to preserve affordable housing.
Located at 5424 S. Cornell Ave., the community is near a number of under construction developments aiming to revitalize the nearby Washington Park and Jackson Park—The Obama Presidential Center and Tiger Woods’ South Shore golf courses. The building encompasses 61 studios and three one-bedroom apartments. The new owner plans to upgrade the 1924-built property and turn 16 units into affordable housing, available to renters that earn up to 50 percent of the area’s median income.
“Hyde Park has been and continues to be a low-velocity market in terms of multifamily transactions, but we’re seeing an increase in investor demand in the neighborhood, especially as these high-profile developments begin to take shape,” said Smazal, in a prepared statement.
At the end of last year, Stratman and Morton also directed a $2.9 million transaction of a community in Chicago’s Bucktown.
Image courtesy of Interra Realty
If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].
