Loyola University Chicago Acquires 58-Unit Arcade Residences Near Campus For $35M

Loyola University Chicago has purchased the Arcade Residences, a 58-unit apartment building located at 1135 West Sheridan Road in Chicago, for $35 million. The property, classified as a multifamily asset, was sold by developer Borekci Real Estate. This transaction highlights the university's investment in student housing near its campus, as sales in this sector have shown growth nationwide, increasing by 20% in 2022 compared to the previous year.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $35,000,000
• Units: 58
• Price per Unit (PPU): $603,448
• Buyer: Loyola University Chicago
• Seller: Borekci Real Estate - Doruk Borekci
• Brokers: Todd Stofflet & Jason Stevens - Walker & Dunlop

The acquisition of the Arcade Residences by Loyola University Chicago marks a strategic move by the institution to expand its student housing offerings near its campus. The buyer was advised by brokers Todd Stofflet and Jason Stevens from Walker & Dunlop, who facilitated the transaction on behalf of Loyola University Chicago. This investment underscores the university's commitment to providing suitable and convenient accommodation options for its students.