Three Local Colleges Hope For Solid Return On 'Superdorm'
The three schools that teamed up to build Chicago's largest student housing complex have retained CBRE to market it for potential buyers. DePaul University, Roosevelt University and Columbia College Chicago built University Center at 525 South State St in 2004 at a cost of $150M. Since then, student housing has become big business and the schools could see a good return on that investment.
University Center houses 1,729 beds, making it easily the largest dorm in the city and one of the largest in the country. But concern over declining enrollments at the three schools could turn some buyers away, Crain's reports. DePaul, Columbia and Roosevelt each commit to a select number of beds each school year but reduced demand and more student housing options downtown led Fitch's to place a BBB+ rating and a negative outlook on the bonds.