What can I do with a research project that is my university’s intellectual property?
First, it would be good to know if that is a claim they can legally make where you are. It is possible that it is an empty claim.

Second, if it is a proper claim, you should learn how it is interpreted by the university. A place making such a claim should have an office at which you can learn the consequences. I suspect that all it means is that you need permission from them to publish and, perhaps, include a reference to the university in the acknowledgements. 

But forbidding publication would be unlikely except in extreme circumstances and assigning it to another "author" would be unethical. 

My guess is that you have a way forward for nearly any sort of publication. It is actually to the university's benefit to have students publishing.