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400-Bed Student Housing Property Sells for $29M
The 400-bed student housing property at 512 S. Third St. in Champaign was sold for $29.25 million in a deal brokered by Marcus & Millichap.
A Denver-based LLC purchased the property to enter the University of Illinois privately-owned student-housing market. The seller was a local developer. Scott D. Harris, senior managing director of investments, and associate Bryan W. Kunze, of Marcus & Millichap’s Chicago Oak Brook office, represented the seller and procured the buyer.
“This transaction underscores the strong investor interest for private, near-campus student housing,” Harris said. “With enrollment expected to increase, 512 S. Third St. should be an outstanding core asset for the investment group.”
The property, built in 2001, comprises 140 furnished units of one to four bedrooms. It features three shared courtyards and a 246-vehicle underground parking lot. The property is 95% leased for the 2018-19 school year.
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- ◦Sale/Acquisition
