CHICAGO, IL – OC Ventures, a Chicago-based real estate investment firm, today announced the acquisition of Automatic Lofts, a 142-unit, 482-bed student community adjacent to the campus of the University of Illinois at Chicago.
This is OC’s sixth student housing acquisition and first venture into the Midwest, previously acquiring student housing assets in New York and North Carolina. With over 3,000 beds purchased in the last two years, OC Ventures is one of the fastest-growing real estate investors specializing in the student housing asset class. The Automatic Lofts acquisition marks the start of a major expansion strategy by OC’s investment platform that will be implemented for the later part of 2019 and throughout 2020.
“The Automatic Lofts acquisition presented us a rare opportunity to implement a value-add strategy at a property in an urban setting with access to over 100,000 local students,” said Steve Zhang, Chief Investment Officer at OC Ventures. “After a record enrollment year, we believe UIC will continue to draw students from tertiary Illinois state schools, which create favorable fundamentals for all student housing owners in this market.”
Originally built in 1901 as a telephone factory for Automatic Electric, the property was renovated in 2006 into luxury, loft-style apartments in one-, three-, and four-bedroom floor plans. Each luxury unit offers modern kitchens with stainless steel appliances, cable TV service and high-speed, Gigabit Wi-Fi. The community amenities include a fitness center, study lounges on every floor, a café, recreation room, and Tide laundry services.
Located steps from the main campus of the University of Illinois at Chicago and next to the Blue Line CTA train station, the property also serves students attending Chicago’s many metropolitan colleges including Columbia, DePaul, SAIC, Kendall, and Rush. Residents of Automatic Lofts enjoy living in the heart of the upscale West Loop neighborhood of Chicago, home to Google’s local offices, trendy restaurants, and nightlife.
“West Loop is one of the hottest areas in Chicago,” said Zhang, “Young professionals and college students are flocking here and we are proud to own a premier property in such an up-and-coming neighborhood.”
OC plans to invest in capital improvements including building out a larger fitness center, renovating the lobby and study areas, and updating the unit furniture package. Varsity Campus, headquartered in Chicago and which manages over student housing 5,000 beds nationally, is assuming management of the property.
“Varsity Campus is excited to have the opportunity to manage such an amazing student community in its hometown,” said Jerry Wojenski, CEO of Varsity Campus. “The Varsity brand has a reputation for excellent customer service and professional management. Our team is committed to providing Chicago students with a high-quality lifestyle.”
About OC Ventures: OC Ventures is a Chicago-based real estate investment firm specializing in student housing. The company is active nationally, focused on opportunistic investments. For additional information, contact Steve Zhang at zhangshaofan@oc-ventures.com.
About Varsity Campus: Varsity Campus is a Chicago-based student housing management firm. With over 5,000 beds under management, Varsity Campus offers full-service property management services for student housing communities nationwide. For additional information, contact Colton Price at cprice@varsitycampus.com.