Chicago — Atlas Real Estate Partners, Marc Realty Residential and Angelo Gordon have sold 777 South State, a 330-unit, 882-bed student-housing property in Chicago’s South Loop for $85 million.
Atlas first acquired the 28-story building for $59 million in 2013, in a partnership with Marc Realty Residential and Angelo Gordon. The property serves students of nearby Columbia College, Roosevelt University and more than 20 other schools. The property also contains 20,000 square feet of ground-floor commercial space and 206 enclosed parking spaces.
Atlas recently completed renovations to the building in order, according to a release, to capitalize on the trend of urbanization among the Millennial population.
John Jaeger of CBRE and Colin Hebson of Dream Town Realty brokered the transaction.