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University of Chicago Selling Off More Than 600 Apartments

By Sam Cholke | March 31, 2015 1:50pm
 A graduate student building at 5514 S. Blackstone Ave. is one of 19 apartment buildings being sold in May by the University of Chicago.
A graduate student building at 5514 S. Blackstone Ave. is one of 19 apartment buildings being sold in May by the University of Chicago.
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DNAinfo/Sam Cholke

HYDE PARK — The University of Chicago announced Tuesday it will sell off 19 of its buildings, putting 690 units on the Hyde Park real estate market at once.

The university said in a statement that it was selling off the 19 buildings and two vacant lots to “reinvest resources to support its teaching and research activities.”

The sale will most dramatically affect graduate students. Thirteen of the buildings being sold this summer have 543 units for graduate students, many in prime locations in Hyde Park.

The Gaylord, 5316 S. Dorchester Ave., is the largest of the properties being put on the block with 86 studio, and one- and two-bedroom apartments. The property is just off 53rd Street and in the attendance area for Ray Elementary School, making it an alluring property for the private market.

At all the buildings, tenants must be students, faculty or staff to lease an apartment, many of which go for a steal — a two-bedroom apartment at the Gaylord rents for $966 per month.

The university said that existing leases and rental rates would be honored.

The sale represents less than half of the university’s residential properties, according to a statement from the university.

The properties will be listed in May, with an expected closing in the fall.

A spokesman from the university was not immediately available to say whether potential buyers were already lined up.

The university will hold a series of meetings in coming weeks with residents to answer questions about the sale, but no dates have yet been set.

No staff will be laid off as a result of the sale, according to the university.

The full list of properties being sold includes:

Faculty Housing

  • 5623-25 S. Dorchester Ave., six units
  • 5533-35 S. Blackstone Ave., six units
  • 5447-57 S. Woodlawn Ave., 18 units
  • 5439-45 S. Woodlawn Ave., 18 units
  • 5427-29 S. Greenwood Ave., six units
  • 5409-11 S. Blackstone Ave., six units

Graduate Student Housing

  • 5532 S. Kenwood Ave., 43 units
  • 5514 S. Blackstone Ave., 92 units
  • 5428-32 S. Kimbark Ave., 18 units
  • 5410-18 S. Ridgewood Ct., 31 units
  • 5316 S. Dorchester Ave., 86 units
  • 5233-37 S. Greenwood Ave. (1100-1110 E. 53rd St.), 27 units
  • 5220 S. Kenwood Ave., 57 units
  • 5125 S. Kenwood Ave., 66 units
  • 5118 S. Dorchester Ave., 75 units
  • 1334-40 E. Hyde Park Blvd and 1335-41 E. Madison Pk., 28 units
  • 1318-24 E. Hyde Park Blvd. and 1319-25 E. Madison Pk., 26 units
  • 1310-16 E. Hyde Park Blvd. and 1311-17 E. Madison Pk., 25 units
  • 1215 E. Hyde Park Blvd., 56 units

Vacant Lots

  • 1400 E. Hyde Park Blvd.
  • 1330 E. Hyde Park Blvd.

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