3L Real Estate Wastes No Time Repositioning Former University Of Chicago Dorms
The University of Chicago has been busy in the past year disposing of several of its real estate assets. It sold 690 apartments to Pioneer Assets last year, at a cool $70.1M. Three dorms were part of a 13-property portfolio it listed in May. Those dorms, Blackstone Hall (shown), MacLean Hall and Broadview Hall, are now apartments.
3L Real Estate bought the 372 units in June and wasted no time repositioning them as mostly studios, with a sprinkling of one-, two-, three- and four-bedroom units. With asking rents ranging from $600/month for studios to $3,184/month for four-bedroom units, these new apartments are priced to compete with the rents of U of C's new dorms, DNAInfo reports.
It's unknown what improvements were done in the former dorms, but 3L Real Estate's Michael Kavka says Broadview Hall's kitchen had new sinks installed, while all three buildings received fresh coats of paint, upgraded hardware for internet connectivity and carpeting. [DNA]
