Charleston, Ill. — Regional operator bought the property for $4.3 million and is planning repositioning efforts.
The units at this 391-bed community will
be rehabbed, some will be sold.Charleston, Ill. — Triad Real Estate Partners has brokered the sale of University Village, a 391-bed property serving Eastern Illinois University. The community sold for $4.3 million to a regional student housing operator out of Champaign, Ill., that is looking to expand at Eastern Illinois and other campuses, according to Triad. The property was an REO sale, owned by Fifth Third Bank in Chicago.
Triad conducted 12 property tours and procured four qualified offers. University Village is 2.5 miles east of Eastern Illinois University, which is a public university with a fall 2012 enrollment of 11,178. The project suffered from high vacancy in recent years, posting 2012-13 occupancy of more than 70 percent. The new owner plans to renovate and reposition the asset.