Investor Buys Multifamily Asset Near Chicago’s Obama Center

A multifamily property in Hyde Park has been scooped up by an East Coast investment group.

Winchester, Massachusetts-based Estia Properties recently sold the 24-unit mixed-use property at 5300 South Blackstone Avenue for $9 million, or $375,000 per apartment, highlighting the growing interest in the area near the highly anticipated Obama Presidential Center, the Chicago Business Journal reported. The buyer wasn’t identified.

Estia Properties was represented by Interra Realty’s Joe Smazal and Mark Dykstra, who have brokered 11 sales in Hyde Park over the past five years totaling more than $83 million.

“Multifamily properties in vibrant areas like Hyde Park are in high demand right now with particular investor focus on midsize buildings like this one,” Smazal said.

Built in 1907, the five-story building includes the residential component and two ground-floor commercial spaces, occupied by Philz Coffee and Ivy Leasing & Management. The apartments have been updated with renovated kitchens and bathrooms, in-unit laundry and individual HVAC systems. The property also includes a 16-car parking lot.

The building’s location, just 1.3 miles from the $830 million Obama center, has been a significant factor driving investor interest in the Hyde Park neighborhood. The center, set to open in 2026, is expected to be a major economic driver, transforming the surrounding area and boosting demand for nearby properties.

Though apartment buildings with more than 50 units have been scarce in the area, the Hyde Park submarket continues to attract a variety of investors seeking to capitalize on its potential for growth.

“Hyde Park is a hard market to break into because it’s such a good place to invest, so once something becomes available, it attracts plenty of investors,” said Doug Imber of Essex Realty Group.

However, the surge of interest from real estate prospectors and multifamily investors has prompted South Shore residents to call for housing restrictions around the center.

The Obama Center, set on a 20-acre lot, will feature a museum, library, and educational center.

— Andrew Terrell