Scion Group embarks on student housing project in South Loop
Kelli Schlueter
Issue date: 4/7/08 Section: News
The former 16-story historical Dwight Building located at 642 S. Clark St. is currently undergoing construction for its transformation into one of the Scion Group's new student housing initiatives, partnered with ASB Real Estate Investments. The Scion Group is a real estate services partner that specializes in working with higher education and non-profit institutions.
The $75 million purchase was the second of its kind for both the Scion Group and ASB, working in conjunction with each other. The first purchase was that of the Automatic Lofts, at 410 S. Morgan - geared more toward UIC students.
Other Scion Group endeavors in Chicago have included Loft-Right, servicing DePaul University students; University Center at 525 S. State, whose tenants include students from DePaul, Roosevelt, and Columbia College; and IIT's State Street Village. The Scion Group has also worked on projects throughout the United States and Mexico.
While the 178-apartment planned complex will house mainly Columbia College students, seeing as that is the nearest college to the location, the building will also welcome students from all Chicago colleges in close proximity, including UIC. The housing complex is expected to be open and ready for residents come fall 2008.
"We're very proud to welcome this exciting property to our portfolio," said Robert Bronstein, president of the Scion Group. "Dwight Lofts will provide the very best in student housing, in cooperation with an important institutional client, and in the most dynamic student housing environment in the nation - which happens to be right here in our hometown."
ASB Real Estate Investments (ASBREI) is also very excited to be taking a part in the student housing endeavor.
"We are very pleased with this investment and with our growing partnership with The Scion Group," said Robert Bellinger, president of ASBREI. "We have a continuing interest in residential properties serving college and university students but, beyond that, Dwight Lofts is simply an excellent asset in a particularly attractive market."
The $75 million purchase was the second of its kind for both the Scion Group and ASB, working in conjunction with each other. The first purchase was that of the Automatic Lofts, at 410 S. Morgan - geared more toward UIC students.
Other Scion Group endeavors in Chicago have included Loft-Right, servicing DePaul University students; University Center at 525 S. State, whose tenants include students from DePaul, Roosevelt, and Columbia College; and IIT's State Street Village. The Scion Group has also worked on projects throughout the United States and Mexico.
While the 178-apartment planned complex will house mainly Columbia College students, seeing as that is the nearest college to the location, the building will also welcome students from all Chicago colleges in close proximity, including UIC. The housing complex is expected to be open and ready for residents come fall 2008.
"We're very proud to welcome this exciting property to our portfolio," said Robert Bronstein, president of the Scion Group. "Dwight Lofts will provide the very best in student housing, in cooperation with an important institutional client, and in the most dynamic student housing environment in the nation - which happens to be right here in our hometown."
ASB Real Estate Investments (ASBREI) is also very excited to be taking a part in the student housing endeavor.
"We are very pleased with this investment and with our growing partnership with The Scion Group," said Robert Bellinger, president of ASBREI. "We have a continuing interest in residential properties serving college and university students but, beyond that, Dwight Lofts is simply an excellent asset in a particularly attractive market."
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jane doe
posted 5/15/08 @ 2:38 PM CST
yea, i lived at scion's "loft wrong" for a bit. i had more problems living there than i even want to recount and when we tried to contact management they were uncooperative, even up to the highest level. (Continued…)
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