University of Chicago to sell 21 residential properties in Hyde Park

By LINDSAY WELBERS
Staff Writer

The University of Chicago will sell 21 of the residential buildings it owns in Hyde Park.

The buildings are all located in Hyde Park.

Nineteen of the buildings house students, faculty and staff. Two vacant lots will also be made available for sale.

In a press release the university said the sale would allow it to reinvest resources in teaching and research. Properties will be made available for sale in May, and are expected to close in the fall.

The university said that existing leases would be honored according to current terms. Any faculty, students or staff who enter into a new lease before the building is sold, will have those terms honored for the duration. No layoffs are expected as a result of the sales.

During the Great Recession the U.  of C. bought a large amount of real estate in Hyde Park and the surrounding neighborhoods. When real estate prices plummeted, the university’s large endowment allowed it to buy dozens of buildings that it held with no, or few, long-term plans for development.

The buildings on this list were among those purchased during this period.

In a release the university said the buildings were purchased at a time when “the residential market in the communities surrounding (it) was not as robust as it is now.” Also that “purchase of the buildings allowed the university to ensure the availability of stable, quality housing for students, faculty and staff near campus.”

The current real estate market has rebounded and the university expected private investors to be interested in residential real estate.

The U. of C. will host town hall meetings with residents, university officials and the current building managers.

The buildings the U. of C. will sell are located at:

· 5409-11 S. Blackstone Ave.

· 5427-29 S. Greenwood Ave.

· 5439-45 S. Woodlawn Ave.

· 5447-57 S. Woodlawn Ave.

· 5533-35 S. Blackstone Ave.

· 5623-25 S. Dorchester Ave.

· 5316 S. Dorchester Ave.

· 5220 S. Kenwood Ave.

· 1215 E. Hyde Park

· 5514 S. Blackstone Ave.

· 1400 E. Hyde Park Blvd (vacant lot)

· 5532 S. Kenwood Ave.

· 5118 S. Dorchester Ave.

· 5125 S. Kenwood Ave.

· 5410-18 S. Ridgewood Ct.

· 1334-40 E. Hyde Park Blvd & 1335-41 E. Madison Pk.

· 5233-37 S. Greenwood Ave. (1100-1110 E. 53rd St.)

· 1318-24 E. Hyde Park Blvd. & 1319-25 E. Madison Pk.

· 1310-16 E. Hyde Park Blvd. & 1311-17 E. Madison Pk.

· 5428-32 S. Kimbark Ave.

· 1330 E. Hyde Park Blvd (vacant lot)