PEAK CAMPUS AWARDED MANAGEMENT OF CHICAGO’S LARGEST STUDENT HOUSING PROJECT
Oct 09, 2017
ATLANTA, GA (October 9, 2017) – Peak Campus, one of the nation’s leading student housing operators and developers, announced today that it was awarded management of University Center in the South Loop neighborhood of Chicago, Illinois.
Built in 2004, University Center Chicago is a 1,729-bed/504-unit, 18-story community that serves over 20 different universities, and includes significant master leases serving students attending Columbia College, DePaul University, Robert Morris University and Roosevelt University. The property is located in the heart of Chicago and offers students contemporary and state-of-the-art amenities. The unparalleled location is in the downtown education corridor along with restaurants, nightlife and shopping just steps from the front door. Located on South State Street and Congress Parkway, the student housing mega-project is also in walking distance to Grant Park, Lake Michigan and the city’s strong transport links.
The project consists of studio, one-, two-, and four- bedroom apartments. All floor plans are fully furnished and have central heating and air conditioning, HD satellite TV, and high-speed internet, all in a variety of suite-style and apartment-style home options. The property boasts a robust amenity package, including a 24-hour fitness center, on-site dining hall, game lounge, computer center with printing, multimedia room with theater-style seating and 3D TV, a 20,000 square foot outdoor garden terrace, study lounges on every floor, music practice rooms, indoor bike storage, and 24/7 on-site office and maintenance staff. In addition, the property offers convenient and fully-furnished guest suites and over 28,000 square feet of street-level retail space. A multi-million-dollar renovation is planned with a focus on interior improvements.
Conference Chicago at University Center is the property’s full-service, year-around meeting and conference facility, satisfying the needs of both large and small group events with catering and dining services. It offers over 15,000 square feet of modern and well-appointed meeting space, including 10 rooms with flexible configurations.
According to Real Capital Analytics, a New York-based research firm, the deal is the second largest, single asset student housing sale as of July 2017 in the United States at $201 million, and is owned jointly by AXA Investment Managers - Real Assets and Blue Vista Capital Management, LLC. Peak also manages the largest sale, at $204 million for University Gateway near the University of Southern California in Los Angeles.
“University Center Chicago is a fun and unique project by scope and scale, with an incredible staff managing many moving pieces,” said Casey Petersen, Chief Operating Officer of Peak Campus. “Peak is proud to welcome the UCC team and look forward to working closely with all stakeholders to bring a renewed level of service to its residents and universities.”
For more information about University Center Chicago, visit www.UniversityCenter.com.
ABOUT PEAK CAMPUS
Peak Campus, operating through a group of affiliated companies, is an institutional-grade property management and development company based in Atlanta, Georgia, focused exclusively on the student housing industry. The companies' experienced professionals offer an unmatched ability to execute on strategies consistent with the goals and long-term investment strategies of its partners. The Companies have developed over 15,000 beds of purpose-built student housing, and currently manage approximately 54,000 beds, with a combined valuation of more than $3.0 billion for investors nationwide, making them the second largest private operator in the United States. For more information about Peak Campus and its affiliates' full array of real estate solutions, please visit www.PeakCampus.com.