Atlas Real Estate Partners, taking advantage of dramatic upward swing in the South Loop, sells 28-story building to Group Fox New York, NY (September 08, 2015) - New York-based Atlas Real Estate Partners and its partners Marc Realty Residential and Angelo Gordon are pleased to announce the sale of 777 South State, a 330-unit, 882-bed student-housing property in Chicago’s South Loop.
The transaction that valued the building at $85M takes place at a time of strong demand for student-housing in the South Loop. Atlas first acquired the 28-story building for $59M in 2013, in a partnership with Marc Realty Residential and Angelo Gordon. The property 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. Atlas’ recent renovations to the building will allow the property to continue capturing the trend of urbanization amongst today’s growing millennial population.
“This deal was an excellent transaction for Atlas as it allowed us to utilize both our student-housing and repositioning experience to add value to an iconic asset located in a supply constrained submarket,” said Arvind Chary Managing Principal at Atlas. The transaction was brokered by John Jaeger of CBRE and Colin Hebson of Dream Town Realty.
