JLL Capital Markets arranged the sale of The Flats at ISU, a 155-unit, 447-bed student housing community serving Illinois State University in Normal, Illinois.
JLL represented the seller, a joint venture between Campus Advantage and Heitman. The buyer was Jackson Dearborn Partners.
Completed between 2011 and 2014, The Flats at ISU offers a full unit mix ranging from studios to four-bedroom apartments, all featuring bed-bath parity. The property boasts modern interiors with LVT flooring, stone countertops, stainless steel appliances and mounted flat-panel HDTVs. Community amenities include an on-site management office, 24/7 fitness center, study spaces, tenant lounges and outdoor grilling areas.
The Flats at ISU occupies a premier location directly across from the Illinois State University campus, just a five-minute walk to the main quad and the State Farm Hall of Business. The property also features exceptional retail offerings, with Chipotle, Jersey Mike’s and Sushi Primo on-site, and is adjacent to Potbelly, Noodles & Co. and Buffalo Wild Wings.
At 99% occupied for the 2024-2025 academic year, the property benefits from Illinois State University’s record enrollment of 21,546 students, including its largest freshman class in 37 years. With only 9,845 purpose-built student beds serving the university, the market consistently achieves high-90% occupancy rates, positioning The Flats for continued strong leasing performance and rent growth.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Managing Director Scott Clifton, Director Kevin Kazlow and Associate Jack Goldberger.
