{"id":1004127134,"date":"2015-09-09T06:05:32","date_gmt":"2015-09-09T14:05:32","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=360417"},"modified":"2020-04-01T01:38:51","modified_gmt":"2020-04-01T09:38:51","slug":"chicago-student-housing-asset-sells-for-85m-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-student-housing-asset-sells-for-85m-2\/","title":{"rendered":"Chicago Student Housing Asset Sells for $85M"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

\"777<\/a><\/p>\n

777 South State<\/p>\n<\/div>\n

Atlas Real Estate Partner<\/a>s, together with its partners, Marc Realty Residential<\/a> and Angelo Gordon<\/a>, announced the sale of 777 South State<\/a>, a 28-story student housing building at 2 E. 8th<\/sup> St. The asset sold for $85 million to an undisclosed buyer, in a deal brokered by CBRE<\/a>\u2019s John Jaeger and Colin Hebson of Dream Town Realty<\/a>.<\/p>\n

The joint venture between Atlas and its partners acquired the 31-year-old property back in 2013<\/a> 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.<\/p>\n

According to Yardi Matrix<\/a>, 777 South State includes one- and two-bedroom residential units, fitness and business centers, a swimming pool, and clubhouse. The property also features 20,000 square feet of ground-floor retail and 206 enclosed parking spaces.<\/p>\n

\u201cThis 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,\u201d Arvind Chary, managing principal at Atlas, said in a statement.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A New York City-based investor has parted ways with a 330-unit student housing community in Chicago’s South Loop.<\/p>\n","protected":false},"author":192,"featured_media":1004506274,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[],"class_list":["post-1004127134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-latest"],"acf":[],"yoast_head":"\nChicago Student Housing Asset Sells for $85M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chicago-student-housing-asset-sells-for-85m-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Student Housing Asset Sells for $85M\" \/>\n<meta property=\"og:description\" content=\"A New York City-based investor has parted ways with a 330-unit student housing community in Chicago’s South Loop.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chicago-student-housing-asset-sells-for-85m-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-09T14:05:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-01T09:38:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/512.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chicago-student-housing-asset-sells-for-85m-2\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/chicago-student-housing-asset-sells-for-85m-2\/\",\"name\":\"Chicago Student Housing Asset Sells for $85M - 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