CHICAGO, IL — The Lutheran School of Theology at Chicago (LSTC) announces the successful sale of its remaining three apartment buildings in Hyde Park to Peak Properties, marking a major milestone in the seminary’s ongoing efforts to strengthen its financial foundation and invest in a vibrant future for theological education.
The sale—approved by the LSTC Board of Directors after a comprehensive review—reflects the seminary’s commitment to long-term sustainability and its care for the students who call LSTC home. To ensure continuity of housing for current students, LSTC has entered into a leaseback agreement for one of the buildings, affectionately known as the “Yellow Building.”
“After the Board of Directors review team made their recommendation to sell the remaining three apartments for the sustainability of the future of LSTC, we are thankful that we procured a buyer quickly so that we can move forward,” said the Rev. Dr. Shauna Hannan, President of LSTC. “We remain deeply committed to supporting our students and will be creating a cross-functional Housing Task Force to explore future models of housing and community support.”
The sale to Peak Properties builds on a trusted partnership that began with the firm’s previous purchase of seminary-owned housing. The continued collaboration ensures that the transition happens smoothly and that student needs remain at the center of the process.
“Completing this sale in such a short timeframe speaks to the dedication and collaboration of our staff and partners,” said Board member Larry Tietjen. “We are profoundly grateful to our students for their patience and grace throughout this transition.”
To guide the next phase, LSTC will launch a Housing Task Force this fall with representatives from students, faculty, staff, and administration. The group will recommend future strategies for housing, community engagement, and student well-being.
LSTC will share additional information about the use of proceeds and next steps at its upcoming faculty and staff town hall meeting on November 19.
This achievement reflects the seminary’s joyful anticipation for what’s ahead—a sustainable, student-centered future rooted in faith, community, and the ongoing renewal of theological education.
About the Lutheran School of Theology at Chicago
The Lutheran School of Theology at Chicago (LSTC) is a leading institution of theological education and a seminary of the Evangelical Lutheran Church in America (ELCA). Located in the heart of Chicago, LSTC forms visionary leaders who are rooted in the gospel, committed to academic excellence, and prepared to serve in diverse ministry contexts around the world. Through its degree programs, certificate offerings, and innovative initiatives like Project Starling, LSTC equips students for transformative ministry, public leadership, and lifelong faith formation. Learn more at www.lstc.edu