Equus Capital Partners Ltd., formerly BPG Properties Ltd., has sold 2 E. 8th St., a 330-unit student housing facility in Chicago, for $58.5 million. The purchaser was a joint venture between Atlas Real Estate Partners, Marc Real Residential and Angelo, Gordon and Co.
Located in the heart of Chicago’s South Loop, the 28-story high rise facility is near Columbia College, Roosevelt University and more than 20 other schools. It offers 882 beds and includes 20,000 square feet of first floor retail and a four-story parking garage. At the time of sale, the property was 96 percent leased.
“The stability provided by the recently executed master lease for 60 percent of the beds with Columbia College resulted in strong investor interest for this unique and well located urban student housing community,” said Greg Curci, vice president at Equus who was responsible for overseeing the disposition.
The seller was represented by Chris Bancroft and Chris Epp of ARA Student Housing Group and Susan Lawson and Todd Stofflet of ARA Chicago.
An affiliate of Equus acquired 2 E. 8th St. as part of a three property portfolio in 2003. The transaction was made on behalf of BPG Investment Partnership Fund VI, L.P., a $384 private equity fund. In 2005, Equus completed the conversion of the property from a conventional high-rise apartment building to a student housing facility.