Hyde Park Residences at Harper & Cornell

Description:

Multifamily Investment Advisors, in conjunction with KW Commercial & Keller Williams One Chicago, has been exclusively retained to arrange the sale of the Hyde Park Residences at Harper & Cornell. The 109-unit portfolio comprises two buildings in the Hyde Park neighborhood of Chicago, Illinois. The neighborhood is home to the University of Chicago, which is consistently ranked among the best universities in the world, and the third-largest nongovernment employer in Chicago. The Museum of Science and Industry, the largest science museum in America, and the Hyde Park Art Center (established in 1939) are also located in the neighborhood, less than (distance here) away from both properties. In years past and present, Hyde Park has a culture of affluence, as 5% of households earn more than $585,000 per year and 40% earn more than $100,000 per year. Hyde Park is also one of the most diverse neighborhoods in Chicago: 48% white, 26% African American, 12% Asian, 9% Hispanic and 5% other races. The portfolio is 4 miles south of Chicago’s Central Business District. Direct Access to Lake Shore Drive, 10 minute ride via public transportation. 20 minute drive to Midway International Airport. Lake Michigan and the Museum of Science and Industry on its Eastern Border, University of Chicago Medical Center and Campus on its western Border, and the Obama Presidential Center (to the north?). This vibrant community has many restaurants and shopping options... Historically, Hyde Park has high occupancy levels and renter demand for a number of reasons, including: cultural diversity, summer festivals, museums, shopping, and restaurants. Located just 4 miles north of Chicago’s Loop, Hyde Park is closely connected to the rest of the city by multiple CTA bus lines, the Metra Electric Line, which has several stops in Hyde Park and provides service to Millennium Station in central downtown Chicago. and adjacent Lake Shore Drive.


The Hyde Park Submarket attracts a broad scope of renters, from students and young professionals to those seeking a break from more expensive rents in other parts of Chicago. The Hyde Park Submarket's proximity to Downtown, recent infrastructure improvements and the presence of the University of Chicago and related medical system in Hyde Park have all combined to steadily boost demand over the past decade. Demand picked up in the back half of 2021 resulting in net absorption totaling 582 units over the past four quarters." The University of Chicago, to the west, and the Museum of Science and Industry, to the east, are two of Chicago's most prestigious significant institutions, and together they make up a culturally vibrant area. The Museum of Science and Industry is the largest science museum in the Western Hemisphere, housing over 2,000 exhibits ranging from airplanes and submarines to coal mines and tornadoes. It is located in one of the few surviving structures from the 1893 Chicago World's Fair, which was hosted in nearby Jackson Park. The University of Chicago tends to be a consistent driver of employment and housing demand within the Hyde Park area, while the area is also set to benefit from the development of The Obama Presidential Library in neighboring Jackson Park.