One of biggest apartment landlords in Chicago’s Hyde Park picked up another apartment building as it continues to expand its portfolio in the neighborhood.
Antheus Capital, a New Jersey-based real estate investor, bought the Cloisters, a 13-story, 86-unit rental building, for $23.5 million, according to Crain’s. The Cloisters, located at 5801 South Dorchester Avenue and a three-minute walk from the University of Chicago, serves as housing for students, staff and faculty.
Antheus Capital plans to upgrade units and continue to rent the apartments to staff and students at the University of Chicago. The deal is the latest in a series of investments made by the firm since 2002, the firm said. Antheus Capital’s properties in Hyde Park include Regents Park, a two-tower complex at 5020-5050 South Lake Shore Drive, which the firm purchased in 2011 for $160 million.
“It’s a superb building in a superb location,” Peter Cassel, director of community development at Antheus Capital, told Crain’s. “We think it’s one of the best communities in the whole country.”
The deal marks a record price for a single multifamily asset in Hyde Park in more than a decade, Crain’s reports.
“The Hyde Park market is especially hot right now, which helped us attract a lot of national attention and land an excellent price,” said David Gross, co-founder and managing principal of Interra Realty LLC that represented the seller. Nonprofit Baptist Theological Union was the seller which purchased the building in 1961 from the University of Chicago.
[Crain’s] — Connie Kim