German investor DWS Group buying student housing center in Loop for $77M


CA Ventures CEO Thomas Scott

Deutsche Bank asset-management spinoff DWS Group bought a Loop student housing center for $76.8 million.

Chicago-based CA Ventures is cashing in on the student housing boom by selling the Old Colony building at 407 South Dearborn Street, a former office tower it converted into student residences, according to Crain’s.

CA and developers Keith Giles and Michael Moyer bought the building for $14 million in 2014 before launching a $58 million redevelopment that included a fitness center, rooftop deck and study lounge. The building houses students from Columbia College.

The sale comes as college students seek nicer, amenity-heavy housing in choice locations — and developers are working to meet the demand. Investor sales of student housing reached nearly $10 billion in the last few years, well over the $1-2 billion that was regularly seen before the recession, according to Crain’s.

In August, California-based NB Private Capital bought the The Buckingham student housing tower in the Loop for $73.5 million. A month earlier, 3L Real Estate bought a student housing development from Columbia with plans to turn it into market-rate apartments.

CA Ventures is trying to sell off more than its student housing properties. The local developer is looking for an investor for its just completed 320-unit apartment complex in the South Loop. The firm is also working to offload its 227-unit apartment tower in River West, a year after pulling it off the market. [Crain’s] — Joe Ward

Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print

Responses

Recent Stories

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.