August 7, 2017 Comments Off on Student Housing Sale Sets Record Views: 1807 Illinois, Midwest, National News

Student Housing Sale Sets Record

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.

Read More at Crain’s Chicago Business


Get CRE News in 150 words

For comments, questions or concerns, please contact Amy Sorter

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , ,

Comments are closed.