August 7, 2017
A nonprofit organization formed by Columbia College, DePaul University and Roosevelt University sold the 1,720-bed University Center in Chicago’s South Loop. The 18-story building at 525 S. State St. sold for $210 million to a joint venture led by Blue Vista Capital Management, the highest sales price on record for a student housing sale in Chicago.
University Center opened in 2004, and cost approximately $150 million to build. The nonprofit group developed the student housing property. Blue Vista, and joint venture partner Axa Investment Managers of Paris, are planning a multimillion-dollar renovation of the property.
As part of the deal, all three colleges signed agreements with the new owners to lease a majority of the beds in the property for the next decade. Robert Morris University Illinois, another local school, signed a short-term master lease for an additional batch of beds in the building.
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