The University of Chicago plans to sell 21 properties in Hyde Park to raise funding for teaching and research, according to a statement released by the University News Office. The properties, which are mostly six-unit, three-story walk-up apartments, will be available for sale in May. Sales are expected to close in the fall.
Students, faculty, and staff members currently occupy nineteen of the properties. The University will also sell two vacant lots. According to the statement, “the University is committed to working with residents and with potential buyers to ensure a smooth transition, with as little short-term impact as possible, while providing support and guidance for those who may want to examine their options.”
According to the statement, the University purchased the apartments during the recession of 2007—2008 “to ensure the availability of stable, quality housing for students, faculty, and staff near campus.” The University has now decided to sell the apartments in light of the expansion of more residential options such as MAC apartments.
The University will hold town-hall meetings with residents and building managers to provide additional information. Residents will also be given more information via e-mail. Existing leases will be held to term, and building workers will not be laid off due to the sales.
The University declined to comment until after more information is provided at the town-hall meetings.