October 5, 2015 Update: The University has notified residents that the 21 properties involved in this sale will be purchased by Pioneer Acquisitions, LLC. Pioneer has a proven track record in the city, with more than 900 units in its portfolio, including many student-oriented residences. Headquartered in New York, Pioneer maintains a significant presence in Chicago and staffs an office in Lincoln Square, near the bulk of its properties. The closing of the sale is scheduled for mid-October. Pioneer has said it will explore opportunities to open an office in Hyde Park to provide more immediate and direct service to residents.
The University of Chicago plans to sell 21 residential properties in the areas surrounding its campus, including 19 buildings that house students, faculty and staff, and two vacant lots. The sale this summer will allow the University to reinvest resources to support its teaching and research activities. The selected properties will be placed on the market in May 2015, with an expected closing sometime in the fall of 2015.
Existing lease terms and rates for all current residents of the affected buildings will be honored until the leases expire. Faculty, students or staff who enter into new leases or renew their leases in advance of the sale closing will have their rental rates and terms honored for the duration of their lease. No layoffs are anticipated as a result of the sale.
The University purchased the majority of these properties many years ago, when the residential market in the communities surrounding the University was not as robust as it is now. Purchase of the buildings allowed the University to ensure the availability of stable, quality housing for students, faculty and staff near campus. The area real estate market is now strong enough to attract a number of potential investors and support a range of residential options.
The University is committed to working with residents and with potential buyers to ensure a smooth transition, with as little short-term impact as possible, while providing support and guidance for those who may want to examine their options. Following the sale, the University will retain more than half of its apartments available to graduate students, faculty and staff.
Over the next few weeks, residents will have the opportunity to attend town hall meetings with University representatives closely involved with the current management of the properties and the sale process to ask questions about the transition and timeline specific to their buildings. These meetings also will be an opportunity for the University to get input from residents and the community on how it can put programs and supports in place to assist students, faculty and staff in locating housing options close to campus that match their needs.
The University will provide additional information to residents and the communities surrounding these properties as the sale process continues over the coming months.
The following properties will be placed for sale:
- 5409-11 S. Blackstone Ave.
- 5427-29 S. Greenwood Ave.
- 5439-45 S. Woodlawn Ave.
- 5447-57 S. Woodlawn Ave.
- 5533-35 S. Blackstone Ave.
- 5623-25 S. Dorchester Ave.
- 5316 S. Dorchester Ave.
- 5220 S. Kenwood Ave.
- 1215 E. Hyde Park
- 5514 S. Blackstone Ave.
- 1400 E. Hyde Park Blvd (vacant lot)
- 5532 S. Kenwood Ave.
- 5118 S. Dorchester Ave.
- 5125 S. Kenwood Ave.
- 5410-18 S. Ridgewood Ct.
- 1334-40 E. Hyde Park Blvd & 1335-41 E. Madison Pk.
- 5233-37 S. Greenwood Ave. (1100-1110 E. 53rd St.)
- 1318-24 E. Hyde Park Blvd. & 1319-25 E. Madison Pk.
- 1310-16 E. Hyde Park Blvd. & 1311-17 E. Madison Pk.
- 5428-32 S. Kimbark Ave.
- 1330 E. Hyde Park Blvd (vacant lot)
Individuals or firms seeking additional information on the properties can contact James Hennessy, associate vice president for commercial real estate, at jhennessy@uchicago.edu.
—Prof. Kunle Odunsi
