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Core Student Housing Trades in West Loop
NKF Multifamily brokered the sale of The Automatic Lofts, a 482-bed student housing core asset within walking distance of the University of Illinois at Chicago. The firm’s Ryan Lang, Brandon Buell and Jack Brett represented the seller, New York-based Empire Square Group.
The West Loop property traded to OC Ventures, an Asia-based student housing private equity fund, for an undisclosed price. Crain’s Chicago Business previously reported that it was expected to fetch up to $65 million.
“This transaction represents the growing trend of foreign capital investors acquiring U.S. student housing assets, indicating the strength and demand of the market,” said Lang.
“The Automatic Lofts was one of our more competitive offerings with its positioning in one of the most desirable neighborhoods in the nation’s third largest metro. Its location combined with the dense student population created a unique story that appealed to a wide range of investors,” he added.
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- ◦Sale/Acquisition
