Chicago Student Housing Asset Sells for $85M
- Sep 09, 2015
By Ioana Neamt, Associate Editor
Chicago—A New York City-based investor has parted ways with a 330-unit student housing community in Chicago’s South Loop.
Atlas Real Estate Partners, together with its partners, Marc Realty Residential and Angelo Gordon, announced the sale of 777 South State, a 28-story student housing building at 2 E. 8th St. The asset sold for $85 million to an undisclosed buyer, in a deal brokered by CBRE’s John Jaeger and Colin Hebson of Dream Town Realty.
The joint venture between Atlas and its partners acquired the 31-year-old property back in 2013 for $59 million, and also undertook renovation work at the site. The 882-bed building caters to students from nearby Columbia College and Roosevelt University, among many others.
According to Yardi Matrix, 777 South State incorporates 882 one- and two-bedroom residential units, fitness and business centers, swimming pool and clubhouse. The property also features 20,000 square feet of ground-floor retail and 206 enclosed parking spaces.
“This deal was an excellent transaction for Atlas as it allowed us to utilize both our student-housing and repositioning experience to add value to an iconic asset located in a supply constrained submarket,” Arvind Chary, managing principal at Atlas, said.
Image courtesy of Yardi Matrix