CHICAGO (WBBM NEWSRADIO) -- Loyola University has purchased an apartment building at the south end of its lakefront campus.
The university bought the Arcade Residences for $35 million, but Crain's Business reports that it will not be converting the 58-unit apartment building exclusively into student housing.
Loyola purchased the seven story building at Sheridan and Broadway from Borecki Real Estate, which finished the property four years ago. After years of remote learning, the sale of student housing properties across the country doubled from five years ago, according to Crain's.
Related
Listen to our new podcast Looped In: Chicago
Listen to WBBM Newsradio now on Audacy!
Sign up and follow WBBM Newsradio
Facebook | Twitter | Instagram