Tricap Sells Hyde Park Property to East Coast Investor

As seen in Crain’s Chicago Business

A venture of Woodbury, New York-based CLK Properties paid $4.3 million for a 31-unit apartment building in Kenwood, according to Cook County property records. CLK bought the property at 4740-4748 S. Greenwood Ave. from a trust associated with Tricap Chicago LLC, property records show.

The apartment market’s strength means “it’s just a good time for us to exit,” said Bryan Pritchard, Tricap founder and principal. The firm paid $1.3 million for the property in July 2012, Cook County records show, and spent about $1.5 million on a gut rehab, Mr. Pritchard said.

CLK bought the building as part of its expansion here and considers “submarkets like Hyde Park and properties north of the business district up to Evanston, where demand and demographics have shown solid growth and strong indications of continued growth in the future,” as key acquisitions areas in Chicago, CEO Craig Koenigsberg said in a statement posted on the firm’s website. He didn’t return a call. Zack Hofstadter, an associate with Chicago-based Kiser Group, represented Tricap in the deal while Kiser Managing Director Bill Baumann represented CLK.