September 22, 2016
Blue Vista Capital Management, owner of the 477-bed Tailor Lofts in the West Loop of Chicago, is putting the student housing property up for sale. To that end, the Chicago-based investor hired HFF’s local office to market the building, in hopes of obtaining $63 million from the sale.
Tailor Lofts, at 315 S. Peoria St., was built in 1918 as an office building. Blue Vista acquired it in 2007 for $16 million. Five years ago, the owner redeveloped the property at a cost of close to $59 million. Tailor Lofts serves the University of Illinois at Chicago.
Blue Vista has launched a $300-million student housing fund to buy and develop student housing assets serving top colleges and universities throughout the United States.
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