Asia-based OC Ventures has acquired The Automatic Lofts, a 482-bed student housing community in Chicago, for an undisclosed price. A Newmark Knight Frank team of Ryan Lang, Brandon Buell and Jack Brett arranged the sale on behalf of the seller, New York-based Empire Square Group.
Located at 410 S. Morgan St., the property serves the University of Illinois at Chicago, situated less than a mile away. The Automatic Lofts provides convenient access to the West Loop neighborhood and to various dining, shopping and entertainment venues including Target, Mary Bartelme Park, Sheridan Park, 7-Eleven and other local museums and restaurants. Additionally, major employers such as Google, Motorola and Boeing have offices nearby. The metro ranks as the third largest student population in the U.S. with more than 80,000 students enrolled.
The six-story community features a mix of 142 one-, two-, three- and four-bedroom units. Built in 1901, The Automatic Lofts was originally built as a telephone factory for Automatic Electric, before it was renovated in 2006 and converted into loft-style apartments in one-, three- and four-bedroom units. In-unit and common-area amenities include stainless steel appliances, Wi-Fi, TV, fitness center, study lounges on every floor, cafe, recreation room and laundry services.
The property last traded in 2015, when JMG Realty Inc. and Empire Square Group acquired the asset.