SAVOY, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Indigo Place (top left photo), a 192-unit, 203,652-square foot student housing community in Savoy, approximately two miles south of the University of Illinois at Urbana-Champaign.
The listing price of $14.8 million represents $77,083 per unit and $73 per square foot.
Scott Harris, a senior vice president investments, and Kyle Shoemaker, a multifamily investment specialist, both in Marcus & Millichap’s Oak Brook office, are representing the seller, a private investment group.
“The property is in excellent physical condition but less than optimal management has provided future ownership with a significant add-value opportunity,” says Harris. “Based on the listing price, investors are in a position to achieve a 9 percent capitalization rate at market occupancy levels.”
“Indigo Place represents an opportunity to acquire a luxury student housing community close to a large and prestigious Big Ten university,” adds Shoemaker. “The University of Illinois at Champaign-Urbana is the largest and oldest campus in the Illinois university system.”
Built in 2000, the 588-bedroom property is located at 117 Sterling Court, which is part of the Champaign-Urbana MSA.
Indigo Place consists of 16 three-story apartment buildings and one single-story leasing office/clubhouse.
The unit mix includes 96 beds in two-bedroom/two-bath units with 831 square feet of living area, 252 beds in three-bedroom/three-bath units with 1,022 square feet of living area, 144 beds in four-bedroom/two-bath units with 1,279 square feet of living area and 96 beds in four-bedroom/four-bath units with 1,328 square feet of living area.
The majority of units have one bath per bedroom.
The unit mix includes 96 beds in two-bedroom/two-bath units with 831 square feet of living area, 252 beds in three-bedroom/three-bath units with 1,022 square feet of living area, 144 beds in four-bedroom/two-bath units with 1,279 square feet of living area and 96 beds in four-bedroom/four-bath units with 1,328 square feet of living area.
The majority of units have one bath per bedroom.
The University of Illinois at Champaign-Urbana campus has 17 colleges and instructional units offering more than 150 programs of study.
The call for offers date is November, 19, 2010.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
No comments:
Post a Comment