CHICAGO—Harrison Street Real Estate Capital LLC has just acquired Dwight Lofts, a 771 bed, student housing property at 642 S. Clark St. in Chicago's South Loop neighborhood. During the school year, the property serves as housing for students attending Columbia College – Chicago, a school with a heavy emphasis on the arts which recently agreed to a long-term lease extension for the property.

Student housing is one of three sectors on which Chicago-based HSRE has focused since being co-founded in 2005 by chief executive officer Christopher Merrill and brothers Christopher and Michael Galvin, the other two being healthcare and storage.

“We are fully aware of the advantages of the vibrant and convenient South Loop neighborhood,” says Joey Lansing, core fund portfolio manager for Harrison Street. “The high-quality amenities and central location of Dwight Lofts makes the property an ideal living space for students as well as those seeking housing during the summer months.”  

Dwight Lofts is located a quarter mile from the main campus building of Columbia College – Chicago, and within walking distance of four CTA “L” stations, the LaSalle Street Metra Station, Grant Park, the lakefront running and bike paths and many retail and restaurant establishments.

The 178 unit, 771-bed property offers fully furnished two and four bedroom units. The property is designed to cater to Columbia College – Chicago students, and includes art studio space, music practice rooms, study lounges, a sky lounge, an on-site fitness center and three food service providers.

The Dinerstein Companies, a third-party property management group that specializes in conventional and student apartment communities across the country will manage the property.

Over the past decade, Harrison Street has acquired or developed more than 400 properties located throughout 40 states and worth about $10 billion. In the student housing sector, Harrison Street has acquired or developed more than 63,000 beds worth more than $4 billion.

“When we founded the firm, the concept was to build an investment management firm that targeted asset classes that were less susceptible to volatility associated with the overall economy,” Merrill recently told GlobeSt.com. “We invest 100% in demographic real estate of education, healthcare and storage. People had dabbled in these segments, but there wasn't any firm that had a dedicated focus on asset classes with need-based demand drivers.”