Walker & Dunlop Completes $35M Sale of Mixed-Use University Property

Walker & Dunlop arranged the sale of The Arcade Residences for $35 million, representing one of the highest priced sales per door in Chicago. Built in 2019, the mixed-use property includes 58 rental units and 9,643 square feet of retail space.

Walker & Dunlop’s Chicago Investment Sales Team, led by Todd Stofflet and Jason Stevens, worked with owner, Borecki Real Estate, during the development’s construction. Once fully leased, Borecki selected Walker & Dunlop to represent them in the disposition, and the team secured the sale over market pricing for the client.

“Loyola University suffers from a lack of purpose-built off-campus housing options for students, with the nearest student apartment building over six miles away, and the weighted average distance from campus for Class-A options being over 10 miles from campus,” said Stevens. “The Arcade Residences efficiently satisfies the rapidly accelerating demand for student housing near Loyola’s campus with unbeatable proximity.”