The University plans to put 13 of its properties on the market in May, according to a News Office article. The list of properties includes 10 residential buildings, two vacant lots, and a retail property. The University said it will use money from the sales to fund teaching and research.
James Hennessy, associate vice president for commercial real estate operations, told the News Office that the University purchased these properties years ago to provide a sufficient quantity of housing for students, faculty, and staff near campus. The University affirms that the real estate market in areas near campus is healthy enough that other investors will fill the University’s role.
“The real estate market in the areas surrounding campus is now strong enough to attract a number of potential investors and support a range of residential options,” Hennessy told the News Office.
The University said that residents’ leases in the affected buildings will be honored. The University added that it is working with residents and potential buyers to “ensure a smooth transition,” and that over the next few weeks, it will host town hall meetings, where residents can ask questions about the transition process.
The properties to be sold are at 1401 East Hyde Park Boulevard, 5107 South Blackstone Avenue, 5110 South Kenwood Avenue, 5345 South Harper Avenue, 5330 South Blackstone Avenue, 5455 South Blackstone Avenue, 5706–10 South Blackstone Avenue, 1321 East 57th Street, 1323 East 57th Street, 1327–33 East 57th Street, 1413–15 East 57th Street, 1027–29 East 48th Street, and 5117 South Kenwood Avenue.