If you're the kind of person who loves sharing an apartment with three relative strangers, there may soon be a new communal-living option in Lincoln Park. Chicago-based developer the Scion Group recently purchased a well-known DePaul University dormitory at 1237 W Fullerton Ave and wants to open the 592-bed student housing complex to young professionals and recent college grads.
Scion President Robert Bronstein told Crain's that he plans to begin marketing the complex, named 1237 West, to younger adults who may not have enough money to afford their own apartment and still welcome the idea of living with several roommates. The co-living experiment is one Bronstein said he's had for several years and wanted to test out.
According to Scion Group, the acquisition was part of a joint venture that includes the purchase of 11 class-A properties in "premier university markets" throughout the U.S., totaling $640 million. In all, the joint venture's U.S. portfolio now includes 48 student housing communities and 32,192 beds.
The majority of 1237 West, about 85 to 90 percent, will be rented out to college students, while Scion hopes to fill the remainder with communal tenants. According to Crain's, rents at 1237 West start at $964 per bed, per month.
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