Denver REIT seeking big payday for Hyde Park apartments

After increasing revenue at the building by 44 percent, Aimco is listing the building amid a hot Hyde Park market

Jul.July 03, 2019 09:00 AM
Aimco CEO Terry Considine and Hyde Park Tower

Aimco CEO Terry Considine and Hyde Park Tower

A Colorado REIT is seeking to cash out of the resurgent Hyde Park multifamily market.

Denver-based Aimco is looking for a buyer for the Hyde Park Tower, a 155-unit apartment complex at 5140 South Hyde Park Boulevard. The sale could fetch Aimco twice as much as the building’s 2012 appraised value of $22.3 million, according to Crain’s.

Aimco bought the 22-story building in 2004 before spending $9.5 million on upgrades. Between 2012 and 2018, Aimco increased the building’s annual revenue by 44 percent, to $4.2 million.

The building’s performance has been aided by rising rents in the Hyde Park area, which in the first quarter of 2019 jumped nearly 5 percent year-over-year, Crain’s reported.

Rents in the 29-year-old building range from $1,544 for a one-bedroom to $2,532 for a three-bedroom, according to Crain’s. HFF has been hired to market the property.

Aimco, a REIT that invests primarily in apartments, is in the midst of a sell-off of its Chicago-area holdings.

The firm recently sold the 399-unit Twin Lake Towers in Westmont for $79 million. Earlier this year, Aimco sold the 368-unit Savannah Trace apartments in Schaumburg for $72.5 million[Crain’s] — Joe Ward

Related Articles

SEC chair Jay Clayton (Credit: Getty Images)

SEC investigating financially troubled housing nonprofit

Wolf Point East at 313 W. Wolf Point Plaza and Nema Chicago at 1210 South Indiana Avenue (Credit: Hines, Nema Chicago)

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch

Landing CEO & founder Bill Smith and one of Landing's apartments at 30 E. Adams St.

Membership-based leasing platform Landing uses $20M Series A round to expand to Chicago

7250 S. Shore Drive and 6752 S. Michigan Avenue

Financially-distressed housing nonprofit selling 13 South Side properties

Developer Sam Goldman and an original rendering of the apartment building at 7000 N. Glenwood Ave. 

To avoid rezoning battle, developer cuts Heartland Cafe redevelopment plans in half

Co-CEOs Bleecker P. Seaman III, and Bradford W. Howe with Bourbon Square Apartments in Palatine

Broadshore Capital lands big refinance on 612-unit rental complex in Palatine

Orland Park landlord sued for housing discrimination (Credit: iStock)

Orland Park landlord sued for racial discrimination

Renderings of Millennium on LaSalle  

This office-to-luxury rental deconversion just got a big loan