• The multifamily portfolio consisted of four separate assets: two unit properties, a six unit three-story walk-up and a 24 unit multifamily property totaling 30,800 square feet

  • A not-for-profit client, The Lutheran School of Theology, had a pressing capital need and asked the Colliers Multifamily Team to maximize asset value in the disposition of the 34 units.

  • The properties were built 90+ years ago and minor renovations have been made on roughly 30% of the units.

  • The properties are located in the Hyde Park neighborhood of Chicago, within the immediate proximity of the University of Chicago campus and within the Ray School District.


  • Due to the client's capital need, Colliers determined that a broad market approach was necessary in order to identify the best potential buyers.

  • The assets were taken to market with the understanding that they could be sold individually or as a collective portfolio.

  • Colliers brought assets to market as 'value-add' transaction with significant upside and the potential to attract college students.


  • The assets were sold to three separate buyers for a total sale price of $4,985,750.

  • The sale constituted $145,000 per unit, with the majority of the units (30) being sold to one buyer for $140,000 per unit.

  • The main buyer is planning on making a $80,000 renovation to the 30 units and developing them into high-end housing for University of Chicago students.