Blue Vista Capital Management Acquires 525 S State St Chicago From Educational Advancement Fund For $201M

The property involved in this transaction is University Center Chicago, a 1,732-bed student housing complex located at 525 S State St, Chicago, IL, 60605. The asset was sold by Educational Advancement Fund to a joint venture for $201,000,000. The complex encompasses 702,000 square feet and includes student housing, dining facilities, recreational areas, music practice rooms, conference center operations, and ground-floor retail space. This transaction marks one of the largest student housing sales in the Chicago market.

Summary of transaction details:

• Property Type: Student Housing
• Transaction Amount: $201,000,000
• Address: 525 S State St, Chicago, IL, 60605
• Market: Chicago
• Seller: Educational Advancement Fund
• Buyer: Blue Vista Capital Management
• Seller's Representatives: M J Zaring (CBRE), Daniel (Dan) Cohen (CBRE), Jaclyn Fitts (CBRE), John Jaeger (CBRE)
• Joint Venture: AXA Investment Managers - Real Assets and Blue Vista Capital Management
• Long-term leases negotiated by the three universities involved in the original development: Columbia College Chicago, DePaul University, Roosevelt University

The deal included significant representation from CBRE, with John Jaeger, Dan Cohen, and M.J. Zaring representing the seller, along with CBRE’s National Student Housing Team, headed by Jaclyn Fitts. Financing for the acquisition was secured with the collaboration of CBRE's Chicago office and RBC Capital Markets, including notable professionals such as Kevin Hoecker and Chris Good. This transaction reflects ongoing investor interest in the higher education market, particularly in areas with high student enrollment, as evidenced by the South Loop district's host of 22 educational institutions and an estimated 58,000 students.