Pioneer Acquisitions bought a Hyde Park apartment building from the University of Chicago for $11.6 million.
The Rye, New York-based firm on Jan. 25 picked up the multifamily building at 1369 East Hyde Park Boulevard on the north end of the University of Chicago campus, Cook County property records show. The building, known as the Fairfax Apartments, is 10 stories tall and has 70 units, according to apartments.com.
Inland Investments provided a $12 million acquisition loan for the deal, records show.
Pioneer Acquisitions was founded in 2008 by L. Jason Lemberg and James B. Peterson Jr., two former executives for Thor Equities. The firm owns more than 20 properties in the Hyde Park area, including a 93-unit building at 1401 East Hyde Park Boulevard and a 56-unit complex at 1215 East Hyde Park Boulevard, down the block from its newest acquisition, according to its website.
Hyde Park has seen a lot of investor activity not only due to the University of Chicago, but also the planned Barack Obama presidential library, set to be built in nearby Jackson Park.
In November, Chicago-based Quest Realty Group announced its first South Side development, with plans to build a 34-unit complex near the border of Hyde Park and Kenwood. New Jersey’s Antheus Capital is also working to build a 26-story, 246-unit residential tower at 1600 East 53rd Street in Hyde Park.
The University of Chicago is getting in on the development boom as well. In July, the school secured a permit for a four-tower, 1,300-bed dormitory complex. The university also teamed with Hospitality 3 to build a 12-story hotel on the southern end of its campus.Recommend0 recommendationsPublished in