Jackson Dearborn Partners (JDP), a real estate investment and development company based in Chicago, announced the formal groundbreaking of ICON, a 276-bed student housing project at the University of Illinois.
This project is being developed in partnership with Sub4 Development, a construction and development services firm based in Champaign, Illinois, and Green Street Realty, a property management company with its main office just a few blocks from the site.
ICON is a 163-unit, 276-bed project that will feature a mix of studio, on-, two-, three and four-bedroom units, all with bed-bath parity. A complete amenity package includes fitness center, garage parking, lobby and lounge area with coffee bar, and third floor amenity deck with outdoor grilling area, fireplaces and lounge space.
“The goal of this project is to deliver a full-amenity building in a premier location at boutique building pricing,” said Ryan Tobias, partner and co-founder of JDP. “Despite turmoil in the markets, we remain confident that premier institutions like the University of Illinois are well positioned in the long term and well-located, well-priced properties like ICON should be very successful.”
The equity was placed through the online investment platform, CrowdStreet, using Qualified Opportunity Zone funds. The tax benefits and long-term hold strategy led to a full allocation of funds within 28 minutes of opening up for investment. Construction financing was provided by a regional bank sourced by Chicago-based Alpha Capital CRE. ICON will be open for the 2020-21 academic year.