Illinois

Campus Living Villages Sells Illinois Student Housing for $110M

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Illini Tower. Picture courtesy of JLL Capital Markets

A three way partnership between IGIS Asset Administration and Timberline Actual Property Ventures has acquired Illini Tower, a 725-bed pupil group in Champaign, Ailing., for $109.8 million, Champaign County data present. Keb Hana Financial institution offered $71.4 million in acquisition financing, in keeping with the identical information supplier. JLL Capital Markets brokered the transaction on behalf of the vendor, Campus Residing Villages, and represented the borrower.

Renovated in 2018, Illini Tower encompasses 207 items with a mixture of studio to four-bedroom residences, various from 465 to 860 sq. toes with totally geared up kitchens and kitchenettes, high-speed web and walk-in showers. Neighborhood facilities embody a health middle, theatre and sport room, personal school rooms and an on-site eating corridor.

Situated at 409 E. Chalmers St., throughout the Campustown neighborhood, the group is inside strolling distance of the College of Illinois Urbana-Champaign, the Actions and Recreation Middle, in addition to the College of Illinois Memorial Stadium. Quite a few eating and retail choices, together with Illini Plaza and Harvest Market are 1.5 miles away from the property.

Senior Administrators Scott Clifton and Stewart Hayes of JLL Capital Markets represented the vendor, whereas Senior Managing Director Doug Opalka, alongside Administrators Jackson Finch and Jayme Nelson, had been a part of the Debt Advisory workforce.

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Sustaining sturdy pupil market fundamentals

The College of Illinois Urbana-Champaign stays one of many prime 20 universities with the very best annual development in share preleased, registering a 27.5 % development, as of April, a Yardi Matrix report exhibits. A complete of 44 properties and a few 14,478 bedrooms are serving the scholars on the college, and another deliberate property will add nearly 1,180 items to the prevailing stock, in keeping with Yardi Matrix information.

The gross sales quantity is displaying sturdy market fundamentals, as nicely. In April, Fairlawn Capital paid $150 million for a 50-property pupil housing portfolio, which was the biggest portfolio sale in Champaign County.



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