CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of an 11-property, 394-unit housing portfolio plus five land sites in Chicago, Illinois.
HFF marketed the offering on behalf of the University of Chicago. Pioneer Acquisitions, LLC (Pioneer) purchased the portfolio in its entirety free and clear of existing debt. This transaction follows last fall’s announcement of the sale of a 19-property, 676-unit multi-housing portfolio plus two land sites in late 2015, which was marketed by HFF on behalf of the University to Pioneer. HFF also sold an additional three-property, 391-unit residence hall portfolio on behalf of the University earlier this year to an undisclosed buyer.
The most recent portfolio includes six graduate student housing properties, four faculty/staff buildings, one retail property and five land sites. The properties have a total of 520 beds and approximately 272,593 square feet with residential units averaging approximately 692 square feet. The assets are located in Hyde Park within walking distance to campus, six miles south of Chicago’s central business district and close to Lake Michigan.
Associate director Michael Higgins and managing director Brian Kelly led the HFF investment sales team representing the University of Chicago.
About The University of Chicago: The University of Chicago is a private, non-denominational institution with an extraordinary history of world-renowned research and academic programs across a broad spectrum of fields. Founded in 1890 by John D. Rockefeller, the University has grown to encompass the undergraduate College, which offers 50 concentrations, six professional schools (Business, Law, Divinity, Public Policy, Medicine, and Social Service Administration), four graduate divisions (Biological Sciences, Humanities, Physical Sciences, and Social Sciences), the Oriental Institute, and the Graham School of Continuing Liberal & Professional Studies, which together support over 80 degree programs. The University is one of the largest employers in Chicago, with more than 23,000 faculty and staff, on its Hyde Park campus and around the world. More than 2,100 full-time academic staff teach or conduct research at the University, and Chicago faculty and alumni have won 89 Nobel Prizes. The University enrolls over 5,000 undergraduate students and over 9,000 graduate and professional students including those studying at the Booth School of Business campuses in London and Singapore. UChicago continues to build a strong global presence as well, with a University Center in Paris and newly established centers in Beijing, Delhi and Hong Kong.
The University owns and operates a major medical center; runs the nation’s largest academic press; manages two national laboratories (the Argonne National Laboratory and Fermilab – Fermi National Accelerator Center) as well as the Marine Biological Laboratory at Woods Hole; and supports the renowned N-12 Laboratory Schools that have led to many innovations in education and four charter schools on the South Side of Chicago. The University is consistently ranked among the finest universities in the world.
About Pioneer Acquisitions, LLC: Pioneer Acquisitions, LLC was founded in 2008 with the goal of acquiring well-located assets in urban neighborhoods currently experiencing a rejuvenation. The company’s primary business model is to purchase and renovate vintage apartment buildings to meet the demands and tastes of today’s renters and position the assets for long-term appreciation. Headquartered in New York, with management offices in Chicago, Pioneer owns over 2,000 apartments throughout Chicago.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.