Marcus & Millichap Brokers $150 Million Student Housing Portfolio Sale, Largest Ever in Illinois’ Champaign-Urbana Market
April 19 2022 - 5:23PM
Business Wire
Marcus & Millichap (NYSE: MMI), a leading commercial real
estate investment services firm with offices throughout the United
States and Canada, today announced it has brokered the $150 million
sale of a portfolio comprising over 50 student housing properties
totaling nearly 1,100 units near the University of Illinois
Urbana-Champaign campus in Champaign, Ill.
The transaction, which closed in four tranches, set several
records in Champaign County, including the highest-ever portfolio
sale price, as well as the largest number of units, bedrooms and
buildings in a single portfolio sale. Together, the buildings total
863,961 square feet and range from single-family rental homes to
traditional student housing apartments, with the newest property
being constructed three years ago and the oldest more than 50 years
old.
Marcus & Millichap’s Scott Harris, senior managing director
investments, and Bryan Kunze, senior associate, represented the
longtime owner, Campus Property Management, and procured the buyer,
Fairlawn Capital.
“During our marketing process, we received substantial interest
despite the pandemic and uncertainty in the marketplace, and the
end result was a win-win for both buyer and seller,” said Harris.
“The seller had owned many of the student housing properties for
decades and was ready to divest while the investment group wanted
to expand its footprint in the Champaign-Urbana market and
recognized the value-add opportunity to reposition a number of the
assets through unit upgrades and reconfigurations, as well as the
addition of select amenities.”
“We are pleased to acquire this sizeable and well-located
portfolio on the UIUC campus and are excited for the long-term
potential as we reposition these assets with our best-in-class
management team,” said Will Thompson, managing partner of Fairlawn
Capital.
About Marcus & Millichap, Inc. (NYSE: MMI) Marcus
& Millichap, Inc. is a leading brokerage firm specializing in
commercial real estate investment sales, financing, research and
advisory services with offices throughout the United States and
Canada. As of December 31, 2021, the company had 1,994 investment
sales and financing professionals in 82 offices who provide
investment brokerage and financing services to sellers and buyers
of commercial real estate. The company also offers market research,
consulting and advisory services to clients. Marcus & Millichap
closed 13,255 transactions in 2021, with a sales volume of
approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220419006122/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
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