Sale of 21-property multi-housing portfolio for University of Chicago closed by HFF
CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a 21-property, 676-unit multi-housing portfolio plus two land sites located in Chicago, Illinois.
HFF marketed the offering on behalf of the University of Chicago. Pioneer Acquisitions, LLC purchased the portfolio in its entirety free and clear of existing debt.
The portfolio consists of University of Chicago graduate student housing and faculty/staff buildings that are more than 95 percent occupied. The properties have a total of 883 beds and approximately 460,582 square feet with individual units averaging about 681 square feet each. The properties are located in Hyde Park and Kenwood within walking distance to campus, approximately six miles south of Chicago’s Central Business District and close to Lake Michigan.
The HFF investment sales team representing the University of Chicago was led by executive managing director Matthew Lawton, managing director Brian Kelly and associate director Michael Higgins.
About The University of Chicago
The University of Chicago is a private, non-denominational institution with an extraordinary history of world-renowned research and education programs across a broad spectrum of fields. Founded in 1890 by John D. Rockefeller, the University has grown to encompass the undergraduate College, which offers 50 concentrations, six professional schools (Business, Law, Divinity, Public Policy, Medicine, and Social Service Administration), four graduate divisions (Biological Sciences, Humanities, Physical Sciences, and Social Sciences), the Oriental Institute, and the Graham School of Continuing Liberal & Professional Studies, which together support more than 80 degree programs. The University is one of the largest employers in Chicago, with over 23,000 faculty and staff, on campus and around the world. More than 2,100 full-time academic staff teach or conduct research at the University, and Chicago faculty and alumni have won 89 Nobel Prizes. The University enrolls over 5,000 undergraduate students and over 9,000 graduate and professional students including those studying at the Booth School of Business campuses in London and Hong Kong. Chicago continues to build a strong global presence as well, with a University Center in Paris and newly established centers in Beijing, Delhi and Hong Kong.
The University is consistently ranked among the finest universities in the world.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.