It was the same thing when I was at University of Delaware. Each hard wire got a IPv4 public address. I lived in one of two apartment towers. From what I recall there were three /24s split between the two.

Much like your setup the first 25 were reserved. In addition anything past that was rate limited. I recall anything past that was ~10->25Mbs. Going into the lower range though got around 500Mbs. I know similar stories from other state employees. The times when IPs were more prevalent.