Massive Price Of University Of Chicago Multifamily Deal Revealed
The University of Chicago made some serious bank when it sold 21 properties to Pioneer Acquisitions last October. Financial documents released during the holiday break revealed U of C got $70.1M.
The university announced plans to sell the portfolio—19 multifamily properties and two vacant lots—last March, stating the real estate market had stabilized to the point where the buildings could be sold and the money reinvested into its teaching and research activities, reports DNA Info.
The majority of the properties are used for grad student housing, with others housing faculty. New York-based Pioneer owns multifamily properties in Lincoln Square. U of C is one of the largest real estate owners in Hyde Park, and owns up to 10 acres around Washington Park, which is one of two sites the university proposed for the Obama Presidential Library. [DNA]