Berkadia brokered the sale of Town & Country, a 662-unit, garden-style multifamily property in Urbana, Illinois.
Managing Director Ralph DePasquale of Berkadia Chicago led the transaction on behalf of the seller, Colorado-based Monarch Investment and Management Group.
Town & Country sold for $38 million to Michigan-based MF Capital on February 20. The property was 98% occupied at the time of the sale.
Located at 1032 E. Kerr Ave, the property affords convenient access to the University of Illinois (walking distance to the newer engineering campus), Downtown Urbana, the Champaign
County Buildings and Interstate 74. The property is also within easy walking distance of the Carle Foundation Hospital, the largest medical facility in the area and significant employer to numerous residents. Town & Country was built in phases between 1970 and 2007 and features 662 units. The transaction also included an independent and adjacent 52-unit self-storage facility.
