Berkadia announced the sale of Nantucket Cove, a 240-unit, garden-style multifamily property in Champaign, Illinois. Managing directors Alex Blagojevich and Ralph DePasquale, along with directors Chris Bruzas and Parker Stewart, all of Berkadia’s Chicago office, completed the sale on behalf of the seller, Ann Arbor, Michigan-based The McKinley Companies. The buyer was Barratt Asset Management, based in Indiana.
“Given the age, unit sizes, location and unparalleled amenities offered by the property, there was significant interest from a variety of regional and national potential buyers before the ultimate buyer was selected,” said DePasquale. “Originally built as off-campus, student housing, the property gravitated towards a more non-student tenancy, which is the vast majority today. With three- and four-bedroom floorplans, it is especially appealing to roommates and families who have limited options when renting.”
Located at 2001 Moreland Blvd., Nantucket Cove features high-speed internet access, walk-in closets and in-unit washers and dryers. Residents have access to a private fitness room, a basketball court and grill stations. The property is conveniently accessible to Orpheum Children’s Science Museum, Staerkel Planetarium and Anita Purves Nature Center.