Peak Campus to Manage 504-Unit Student Housing Community
- Oct 17, 2017
Peak Campus has been awarded management of University Center Chicago, a 504-unit student housing community located in the South Loop neighborhood of Chicago. The 1,732-bed property serves students attending Columbia College, DePaul University, Robert Morris University and Roosevelt University.
Located at 525 South State St., University Center offers a mix of studios, one-, two- and four-bedroom units. Additionally, the property features more than 28,000 square feet of street-level retail space, more than 15,000 square feet of meeting space and includes 10 rooms with flexible configurations. The building will undergo a multi-million dollar renovation with a focus on interior improvements.
“University Center Chicago is a fun and unique project by scope and scale, with an incredible staff managing many moving pieces,” Casey Petersen, COO of Peak Campus, said in prepared remarks. “Peak is proud to welcome the UCC team and look forward to working closely with all stakeholders to bring a renewed level of service to its residents and universities.”
Sold for $201M
The 18-story building is situated in the heart of Chicago, close to various restaurants, nightlife and shopping venues. The community is minutes away from Grant Park, Lake Michigan, The Loop—Chicago’s central business district—and two blocks away from Michigan Avenue. Built in 2004, University Center features modern amenities such as:
- center dining
- fitness center
- resident services area
- computer center
- multimedia room
- 20,000 square feet of outdoor garden terrace
- study lounges
- indoor bike storage
- music practice rooms
AXA Investment Managers – Real Assets and Blue Vista Capital Management purchased the student housing property back in July. Educational Advancement Fund sold the asset for $201 million. CBRE together with RBC Capital Markets represented the seller in the transaction.
“The large loan size and complexity of the transaction made for a challenging assignment, but the high quality of the property and excellent sponsorship helped generate strong lender interest. The end result was an efficient financing solution that met Blue Vista’s goals for the asset,” CBRE’s Jon Wooton said in a statement at the time of the sale.
Image courtesy of Peak Campus