CHICAGO-Equus Capital Partners Ltd. of Philadelphia has sold its 330-unit student-housing tower at 2 E. Eighth St. for $59 million to a joint venture of Chicago-based Marc Realty Residential LLC and Atlas Real Estate Partners and Angelo Gordon & Co. of New York City.
The new ownership plans several million dollars in upgrades to the South Loop property, including new floors, countertops and stainless-steel appliances, according to MRR Principal David L. Ruttenberg.
Chicago Apartment Finders Inc., which joined with Marc Realty LLC to form Marc Realty Residential, will handle leasing for the building, which will be rebranded as 765 S. State St., according to Crain's Chicago Business. Columbia College has a master lease for 532 beds of the 882-bed property. See story in Chicago Real Estate Daily.
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