CHICAGO — Interra Realty has brokered the $23.4 million sale of The Cloisters, a 13-story apartment complex in Chicago’s Hyde Park neighborhood. The 86-unit property is located at 5801 S. Dorchester Ave. The sales price of $272,675 per unit represents the highest price for any single multifamily asset in Hyde Park in over a decade, according to Interra. Built in 1928, The Cloisters features a variety of floor plans ranging from one-bedrooms to six-bedrooms. The property gets its name from the covered walkway on one side of a central courtyard.
David Goss, Jon Morgan, Joe Smazal and Mark Dykstra of Interra represented the seller, the Baptist Theological Union, which purchased the property from the University of Chicago in 1961. The buyer, Antheus Capital, plans to upgrade units and continue to rent the property to university faculty and staff while expanding to include students and other renters.