HFF has closed the sale of an 11-property, 394-unit housing portfolio plus five land sites in Chicago, Illinois, on behalf of the University of Chicago. Pioneer Acquisitions, LLC purchased the entire portfolio, free and clear of existing debt.
The portfolio includes six graduate student housing properties, four faculty/staff buildings, one retail property and five land sites. The properties have a total of 520 beds and approximately 272,593 square feet with residential units averaging approximately 692 square feet.
The assets are located in Hyde Park within walking distance to campus, six miles south of Chicago’s central business district and close to Lake Michigan.
Associate director Michael Higgins and managing director Brian Kelly led the HFF investment sales team representing the University of Chicago.
This transaction follows last fall’s announcement of the sale of a 19-property, 676-unit multi-housing portfolio plus two land sites in late 2015, which was marketed by HFF on behalf of the University to Pioneer.
