AXA completes acquisition of majority stake of Chicago student housing tower
AXA Investment Managers – Real Assets, a global real asset investments and the leading real estate portfolio and asset manager in Europe, has completed, on behalf of one of its clients, the acquisition of University Center Chicago, a 1,732-bed student housing property located in downtown Chicago.
AXA IM – Real Assets acquired a 95 percent interest in the property alongside a new joint venture partner, Blue Vista Capital Management, a Chicago-based student housing owner and operator, which holds the remaining 5 percent and will assume operational responsibility for the asset.
The asset’s prime location on South State Street in downtown Chicago’s South Loop submarket, in addition to its proximity to 22 local universities, has ensured high levels of both tenant demand and historic occupancy. The property also benefits from its walkable distance to a number of local attractions, including Grant Park and Lake Michigan, as well as access to the city’s strong trans