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Nelson Brothers Makes First Student Housing Deal in Chicago
Reflecting the investor appeal of student housing generally, and Chicago properties in particular, Nelson Brothers’ NB Private Capital has made its first buy in the Windy City. The California-based investment firm has acquired the Buckingham, a 27-story, 439-bed tower at 59 E. Van Buren St., for $73.5 million.
The sale works out to about $167,000 per bed, Crain’s Chicago Business reported. That compares to the per-bed rate of $116,250 in the $201-million sale of University Center last year to a venture led by locally-based Blue Vista Capital Management.
The University Center sale was the biggest single-asset student housing deal in Chicago to date, and the second-largest nationally.
When the Buckingham went on the market last November, Crain’s reported that it could achieve a lower per-bed price than the University Center transaction. That was because the property is leased directly to students rather than the colleges, a riskier proposition.
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- ◦Sale/Acquisition
