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Urbana, Ill. — Upgrades are planned to improve NOI.
Urbana, Ill. — Virtus Real Estate Capital, LP, has acquired One Illinois, a 524 unit, 1,576 bed, two-asset student housing portfolio near the University of Illinois. The portfolio was purchased as part of a joint venture with The Scion Group. The Class B properties were built in 1997. Rental rates are currently $25 – $50 per bed per month lower than comparable properties. The Scion Group will manage all capital improvement, lease-up and day-to-day operations. The two parties plan to grow NOI by upgrading the clubhouse, fitness center, landscaping as well as the interiors of the units with new flooring, lighting, appliances and furniture.