Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, announced the sale of Falcon Way Townhomes, located at 909 N. Maplewood Drive, Rantoul, IL. Parker Stewart, Ralph DePasquale and Alex Blagojevich of the Chicago office represented the seller, Falcon Way Apartments, LLC of Urbana, IL. An affiliate of Odin Properties purchased Falcon Way Townhomes.
“The large floorplans and number of units made it an attractive opportunity to regional and national investors and the seller’s maintenance of the asset, through decades of ownership, gave the buyer a greater comfort level in making their first acquisition in this market,” said Stewart.
Falcon Way Townhomes is a 220-unit apartment community on 19 acres. Built in 1969, the property has a rentable area of 210,910 square feet and four parcels of land. The two-story, frame-constructed buildings encompass have pitched composite shingle roofs. Falcon Way Townhomes offers one-, two-, and three-bedroom units ranging from 465 to 1,100 square feet, with the majority being townhouse floor plans. Unit amenities include a fully equipped kitchen, double closets, private front and back doors and washer/dryer connections. Community amenities include garden plots, barbeque and picnic area and off-street parking.
The property is in a predominantly residential area, near Champaign Avenue, the village’s main commercial corridor, and within minutes of I-57 leading to Champaign and Chicago. Falcon Way residents enjoy large city neighborhood conveniences located in a traditional small town American setting.