Chicago — OC Ventures has acquired Automatic Lofts, a 482-bed student housing community located adjacent to the University of Illinois at Chicago campus. The property — originally built as a telephone factory in 1901 — offers one-, three- and four-bedroom, loft-style units. Shared amenities include a fitness center, study lounges on each floor, a cafe, recreation room and laundry services. The new ownership plans to implement capital improvements, which will include building out a larger fitness center; renovating lobby and study areas; and updating unit furniture packages. Varsity Campus will manage the community. The acquisition was brokered by Newmark Knight Frank. The seller and terms of the transaction were undisclosed.