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(RealShare Chicago takes place Oct. 23 at the Union League Club.)

CHICAGO-After a close to 10-year hold of a south Loop student housing high-rise, BPG Properties Ltd. has decided to sell the 330-unit, 882-bed property. The 1980s asset serves nearby Columbia College Chicago as well as other colleges and universities in and around the Loop.

“Columbia College has a 60% master lease for the building, with the remaining kids also attending Columbia and other south Loop and downtown Chicago schools,” explains Apartment Realty Advisors’ Chris Bancroft. Bancroft, who is helping to market the asset on behalf of the seller, goes on to say that Philadelphia-based BPG acquired the asset at 2 E. 8th St. in 2003 when it was a market-rate multifamily property, and converted it to student housing. “It was the only student housing property in their portfolio,” he explains. “This is their one outlier, they owned it enough and decided it was time to sell.”

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