Here is the Press Release from Loyola University:
Loyola Limited, the parent company of Loyola University Chicago’s undergraduate student-run and -managed business enterprises, has launched Loyola Property Management (LPM), a real estate portfolio management firm. Established on July 1, 2011, LPM currently manages a portfolio of nearly 25 retail and residential tenants and $2.2 million in annual revenue for its one client, Loyola University Chicago.
The second business venture of Loyola Limited, LPM will offer retail and residential property-management services. The group is responsible for budgeting expenses, securing renters and collecting rent, complying with laws and regulations, and maintaining many of the investment properties owned and operated by Loyola University Chicago. Currently, LPM employs five undergraduate employees.
“By turning over the management of its retail portfolio to LPM, the University will experience a cost savings, but more importantly, it will provide an invaluable learning experience for the students involved with the business,” said Michael Bouras, president of LPM and CFO for Loyola Limited. “While the entire focus of the group will remain on our sole client, the University, there is a chance that we will expand in the future to serve non-Loyola clients.”
With its latest business enterprise, Loyola Limited looks to capitalize on the success of its inaugural business, The Flats at Loyola Station (www.loyolaflats.com). Launched in July 2010, The Flats is an upscale, luxury 10-unit guesthouse located in the heart of Rogers Park, across the street from Loyola University Chicago’s Lake Shore Campus (LSC). The group also plans to open two other businesses on the LSC this fall. ChainLinks, an on-campus, not-for-profit bike rental and repair shop, is scheduled to open in fall 2011. Felice’s Roman Style Pizza, a fast-casual Italian restaurant specializing in pizza, along with other Italian foods, is also scheduled to open this fall, likely in October.
“What these students have been able to accomplish in less than a year is remarkable,” said Michael Brosko, associate director of capital planning for the University and Loyola Limited program advisor. “These are legitimate business operations that these undergraduates are taking on, and the entrepreneurial experience they are gaining in the process will serve them positively well after they walk across the stage at graduation.”
LPM Managed Properties:
6481 N. Sheridan – McDonald’s and Harris Bank
6566 N. Sheridan – Carmen’s Pizza
Loyola’s Granada Center - Carmen’s Beauty, Subway, RadioShack, MB Financial, Felice’s (coming soon), and Tancun
800 N. State – North Community Bank, El Souk, Holiday Wine & Spirits, Quang Noodle, and Chicago State Loan Co.
840 N. Wabash – Bistronomic
Loyola’s Corboy Law Center – Chick-fil-A
Loyola’s Lewis Towers – Argo Tea Café, Hershey’s, and Einstein Bros Bagels
Pearson and State – Chill, Alfredo’s, and Sally’s Beauty Supply
1305 W. Thorndale
6256 N. Winthrop (Hopkins House)
Read more at Loyola Student Dispatch - Loyola launches new student-run property management enterprise.