University of Chicago Unloads Student Housing

The University of Chicago continues selling off its residence halls. The institution just sold three residence halls, totaling 391 units, to 3L Real Estate.

Chicago-based 3L bought a 187-unit building at 5540 S. Hyde Park Blvd; a 123-unit building at 5445 S. Ingleside Ave., and an 81-unit property at 5748 S. Blackstone Ave. The buyer will operate the buildings as dorm-style rentals during the 2016-2017 school year before redeveloping them.  The sales price was not disclosed.

In May, the university hired HFF to sell a real estate portfolio including 11 buildings, with 394 units for graduate students, faculty and staff. And the university is in the process of selling another real estate portfolio, which features 394 units with 520 beds, one retail building and six land sites.