Attorneys’ Title Guaranty Fund, Inc., (ATG®), as agent of First American Title Insurance Company, recently closed on a $115 million transaction, the largest multi-residential sale in Champaign County history.
The transaction involved multiple residential buildings on or around Green Street, the heart of Champaign’s “Campustown.” The properties were amassed over a 60-year period by the late Leon Bankier in his long career as a real estate investor. The portfolio was held in the Leon Bankier Family Limited Partnership and was acquired by R2 Companies and Concord Capital Partners.
The transaction included 35 properties, 580 residential units, more than 80,000 square feet of retail, and four assemblage sites for future development. The academically oriented student communities represent 1,323 beds for University of Illinois students and are loaded with security-based and student-lifestyle amenities.
The sellers were represented by Champaign attorneys Mike McCormick and Rick Aeilts of Erwin, Martinkus, and Cole, longtime ATG agents who made it a priority to work with a local title insurance company and selected ATG. ATG attorneys Donna Kogut (Vice President – Commercial Title and Escrow) and Deborah Feinen (Vice President – Downstate Operations) were closely involved in the project from the title and conveyancing side. Molly Vaulman of ATG’s Commercial Department worked closely with Donna Kogut on all aspects of the multi-layered transaction.
