Chicago — OC Ventures has acquired Automatic Lofts, a 482-bed student housing community located adjacent to the University of Illinois at Chicago campus. The property — originally built as a telephone factory in 1901 — offers one-, three- and four-bedroom, loft-style units. Shared amenities include a fitness center, study lounges on each floor, a cafe, recreation room and laundry services. The new ownership plans to implement capital improvements, which will include building out a larger fitness center; renovating lobby and study areas; and updating unit furniture packages. Varsity Campus will manage the community. The acquisition was brokered by Newmark Knight Frank. The seller and terms of the transaction were undisclosed.
OC Ventures Acquires 482-Bed Community Near the University of Illinois at Chicago