Marcus & Millichap Arranges $13M Sale of Champaign Student Housing
Marcus & Millichap brokered the sale of University Commons, a 100-unit student housing and retail property in Champaign, Illinois, for $13.3 million.
“The property’s proximity to the engineering school, its modern construction and amenity package, and the limited new supply pipeline made it especially competitive among investors seeking stable, rent-growth-driven opportunities,” said Sam McCarthy, director of investments.
McCarthy and Scott Harris, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer, Illini Rental Properties, LLC.
University Commons, located at 209 E. University Ave., comprises 95 fully furnished student housing units in a mix of studio, one-, two-, three- and four-bedroom floor plans, along with five ground-floor retail spaces. Built in 2018, the 68,309-square-foot property spans 2.66 acres. The property is a few blocks from the University of Illinois campus, downtown Champaign and the city’s bus terminal.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout