The University of Iowa is asking $45 million to build a dorm that can accommodate more than 1,000 students.
The sale of the building is part of the university’s five-year plan to improve student housing, which includes the renovation of two existing residence halls and the construction of a new residence hall on the east side of the Iowa City campus. The school listed the Mayflower Residence Hall at 1110 North Dubuque Street on Realtor.com on June 21, with Jeff Edberg of Lepic-Kroeger Realtors acting as the listing agent, according to the website. Edberg could not immediately be reached for comment on the listing.
The university plans to continue using the dormitory through the 2023-2024 academic year and deliver it to buyers next summer. A UI spokesman said the school would consider local, regional and national buyers and make bids through a due diligence process. The spokesperson said the building could continue as student housing under a new owner, or be converted to seniors, workforce or mixed-use housing.
Built in 1968, the facility spans more than four acres and includes 326,000 square feet, including rooms and furnishings for 1,015 residents, retail space, lounges, classrooms and a gym, listing information shows. The building also houses management and maintenance facilities, according to the listing.
The university’s board of trustees approved the sale in February, documents show. It is the second largest of 11 residence halls and the only one sold as part of the student housing revitalization. According to the university, the Mayflower residence halls are the least demanding of students and the most transferred to other residence halls. The university reports that first-year students on the Mayflower have the lowest retention rates of any residence hall and have a lower GPA.
In terms of student opinion, Reddit user BAMB000ZLED claimed that the Mayflower “[is] It’s really not that bad,” on a forum dedicated to colleges. High praise.
It has become an attractive area for real estate investors and developers as universities across the country struggle to maintain student housing. Blackstone is also getting in on the action — last April it bought student housing provider American Campus Communities for $12.8 billion.
Chicago-based CA Ventures, which focuses on student and senior housing, is planning a second student housing project near USCLA. Educational Housing Services, a Brooklyn-based student housing nonprofit, bought the last women-only apartment in New York City, the Webster Apartments, in April for $52.5 million.
