Interra Realty negotiated the $5.16 million sale of The Loyola, a new four-story, 49-bed student housing community with ground-floor retail at 1315-1321 W. Loyola Ave. in Chicago’s Rogers Park neighborhood. Located adjacent to Loyola University’s Chicago Lake Shore Campus, the property features 11 large units along with 1,500 square feet of retail space. The price per bed was $105,306.
Interra Managing Partner Craig Martin represented the seller of the Loyola, which was built on the site of former office and storage space for the Chicago Waldorf School. Completed in August 2021, the property was 25% leased at the time of sale and 60% pre-leased for the upcoming fall semester. Martin was able to identify a local buyer, which he also represented, that specializes in owning and operating student living communities and paid all cash for the property.
The Loyola includes eight four-bedroom units, one five-bedroom and two six-bedrooms. Residents have access to a community room, fitness center and rooftop deck. The property also includes 15 garage parking spaces.
Students can walk to classes at Loyola, local entertainment and dining options, several bus routes and the Loyola station of the Red Line, which offers service to downtown. They also are minutes to DuSable Lake Shore Drive.
