QuadReal Lists Student-Housing Complex with Rents on the Rise

QuadReal Property Group plans to fine tune its portfolio by selling a 124-unit student housing development in Chicago’s Loop.

The Vancouver-based asset manager has tapped CBRE to find a buyer for the 405-bed Infinite development, at 28 East Jackson Street, Crain’s reported. CBRE’s John Jaeger, Justin Puppi and Jason Zyck are managing the listing.

The property was constructed as two office buildings in 1910 and 1912. It was redeveloped in 2014, combining the buildings into a single 19-story complex with floor plans ranging from studios to four-bedroom units.

Infinite primarily serves students at the University of Illinois Chicago, with a reported 94 percent occupancy rate as of early January 2025. QuadReal cited rising downtown rents and a limited supply of new projects as reasons for the sale.

The property is part of the firm’s broader student housing portfolio, which the company acquired in late 2023 from Tom Scott’s CA Ventures. Previously, QuadReal had held a 50 percent stake in the portfolio for three years before taking full control.

The acquisition, totaling 42 properties and 20,000 beds, marked a significant expansion for QuadReal in the student housing sector. Operations for the portfolio now fall under the newly created Article Student Living brand.

The development is one of several student housing properties Article oversees in Illinois. Other locations include The Arc at Old Colony in Chicago’s South Loop and The Link in Evanston. The brand also operates communities in North Carolina, Pennsylvania, Georgia and Indiana.

QuadReal has faced challenges since acquiring the properties. Some projects inherited from CA Ventures experienced construction delays that disrupted student move-ins.

Shortly after acquiring the portfolio, QuadReal CEO Dennis Lopez sued CA Ventures. The firm alleges that key details related to an office lease at 448 North LaSalle Street were misrepresented during the transaction. The case is ongoing, and CA Ventures has denied the allegations.

— Andrew Terrell