Chicago — The 882-bed building is 97 percent occupied. The partnership plans to grow a national portfolio together.
Chicago — Atlas Real Estate Partners and Marc Realty Residential have partnered with investment firm Angelo, Gordon & Co. to acquire 2 East 8th Street in Chicago. The 330-unit, 882-bed student-housing property is 97 percent occupied and caters to 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. New ownership plans to upgrade unit interiors and amenities throughout the building and also to launch a summer housing program starting May 2013 for students and interns.
Atlas Real Estate Partners, Marc Realty Residential and Angelo, Gordon plan to grow their portfolios together nationwide, according to Atlas.
The property was sold by Chris Epp and Chris Bancroft of ARA's Student Housing Group and financed by a floating-rate Fannie Mae loan originated by Mitch Sinberg of Beech Street Capital. The seller was Equus Capital Partners, formerly BPG Properties.