Atlas Real Estate Partners, Marc Realty Residential and Angelo Gordon acquire Chicago Student Housing Property for $58.5M
Atlas Real Estate Partners and Marc Realty Residential have partnered with Angelo Gordon to acquire 2 East 8th Street in Downtown Chicago. The 330-unit, 882-bed student-housing property is 97% occupied and 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. New ownership plans to significantly upgrade unit interiors and amenities throughout the building and also launch a summer housing program starting May 2013 for students and interns.
Atlas Real Estate Partners and Marc Realty Residential strategically partnered with Angelo Gordon on the transaction. The partnership plans to significantly grow their portfolios together nationwide.
The property was sold by Chris Epp and Chris Bancroft of ARA Student Housing’s group and financed by a floating-rate Fannie Mae loan originated by Mitch Sinberg of Beech Street Capital. The seller was Equus Capital Partners, formerly BPG Properties.
Atlas Real Estate Partners is based in New York and run by Managing Principals Arvind Chary and Alex Foster. Atlas has been extremely active in the student housing and multifamily space since 2010, having made 19 acquisitions in the past 30 months. Atlas has offices in New York, Florida and Texas and continues to seek value-add opportunities in the multifamily, student housing, office and retail asset classes.
Marc Realty Residential (MRR) is based in Chicago and run by Principals David L. Ruttenberg, Andrew Ahitow, Justin Elliott, Jerry Nudo and Larry Weiner. The firm has acquired over 75 properties in the Chicago area since 2009. Two of the MRR principals, Ahitow and Elliott, also own Chicago Apartment Finders. Chicago Apartment Finders is the largest residential leasing brokerage in Chicago, employing over 150 leasing agents and leasing over 6,500 apartments annually.
For additional information on the property or company, please contact:
Joe Stampone, Vice President – Atlas Real Estate Partners, 646-863-0912