CHICAGO-A joint venture of locally-based Blue Vista Capital Management LLC and Atlanta-based Place Properties will open its $58.8 million loft student housing project this summer. Tailor Lofts, comprised of 135 furnished units with 477 beds, is located in the West Loop, two blocks from the CTA Blue Line, and in the vicinity of 20 universities, including the University of Illinois at Chicago, Kent College of Law, Columbia College and DePaul University.

The property is unusual in that students can individually lease apartments by the bed space, ensuring that they will only be responsible for their portion of rent and utilities. Each unit will have full kitchens, wireless Internet, 42-inch plasma TVs and digital video recorders, and access to an activity center, computer lab, study rooms and 24-fitness center. Rates run from $899 to $1,549 per bed, per semester, according to the building’s Web site.

The building at 847 W. Jackson Blvd., once slated to be a 114-unit condo building by developer Tenley Property Group, was purchased by the joint venture in January 2008 for $16 million. The 10-story building will also include 10,000 square feet of retail and 6,800 square feet of common space with parking. The project is one year late, having been expected to open in summer 2009.

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