New York-based Pioneer Acquisitions purchased 21 multifamily buildings, totaling 690 apartments, from the University of Chicago. The majority of the properties are used for grad student housing, with others housing faculty, and there are two vacant lots included in the sale.
U of C announced its plans to sell the portfolio in March, intending to reinvest resources to support its teaching and research activities. Terms of the deal, which is expected to be finalized later this month, were not disclosed.
The university is one of the largest owners of real estate in Hyde Park and owns several parcels around Washington Park, which is expected to be the site of the Obama Presidential Library. Pioneer Acquisitions also owns multifamily properties in Lincoln Square. [DNA]
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