Atlas Says Student Housing Venture Worked


Book your reservations and head to Atlanta for RealShare INDUSTRIAL! Join peers from across the country for networking at the College Football Hall of Fame and get the latest market intelligence. Nov 3-4.

777 South State Street

CHICAGO—New York-based Atlas Real Estate Partnersand its partners Marc Realty Residential and Angelo Gordon recently finalized the sale of 777 South State, their 330-unit student-housing property in Chicago’s South Loop, to Bill O’Kane’s Group Fox. The partners got $85 million for the 882-bed property, significantly more than the $59 million they paid just two years ago. The big return has to be gratifying considering they endured some initial criticism.

A 2013 story in Crain’s quoted Robert Bronstein, president of the Scion Group LLC, a Chicago-based student housing investor, who said the partners’ plan to market the tower as a summer housing option for interns or other employees showed they were underestimating “the marketing and turnover costs of what is essentially an extended-stay hotel.”…

Atlas Says Student Housing Venture Worked

Categories : Uncategorized

Leave a Reply

You must be logged in to post a comment.