Loyola University will convert apartment buildings in Chicago to student housing

From Chicago Real Estate Daily: Loyola University inChicago has bought a two-building apartment complex just north of its main campus and plans to convert the buildings into high-end student housing. The Catholic university paid $6 million for the vacant complex of about 120 units and plans to spend close to $10 million on renovations that will include new kitchens, in-unit laundry machines and new common areas. The apartments will accommodate about 300 upperclassmen and are to be ready by fall 2012. The project is part of a broader push by Loyola to upgrade and augment its campus on Chicago's Far North Side.