When Equus Capital Partners bought the apartment building at 2 East 8th Street in 2003, they quickly converted it into an 882-bed student housing facility, which involved extensive upgrades throughout the building. Now, the building has been sold for $59 million to a three-party venture intent on remodeling the building once again, this time for use as intern housing.
Chicago rentals have long been a popular option for area college students, but these properties are also popular amongst interns working short-term for area businesses. The new 8th Street project is targeting just that; the remodel, which is a joint venture between Marc Realty Residential LLC, Atlas Real Estate Partners and Angelo Gordon & Co., will consist of 330 units.
According to a recent report from Chicago Real Estate Daily, the three-party venture now plans to spend “a few million dollars” on various renovations. These updates are likely to include installation of new stainless steel appliances, new countertops and building new floors throughout the building.
But the 28-story apartment complex will boast more than interior updates. A retail space of approximately 20,000 square feet is planned for the building’s first floor. Residents will also have access to an all-new four-story parking garage; and for those who don’t have a car, the complex is within easy walking distance of area businesses and schools.
Because Chicago’s summertime housing market is driven largely by interns seeking short-term living solutions, and because the 8th Street project targets this demographic, MRR Principal David L. Ruttenberg is marketing the updated property specifically to local Chicago businesses.
While interns are the target demographic for current marketing efforts, they will not be the only residents to occupy the renovated property. Anyone seeking short-term housing will be able to apply, meaning there will likely be several college students expressing interest.