Marcus & Millichap Real Estate Investment Services has arranged the sale of Town & Country Apartments, a 662-unit apartment complex with a 52-unit self-storage facility onsite, located in Urbana. The sales price of $34.5 million equates to $52,115 per unit.
Scott Harris, a senior vice president investments in Marcus & Millichap’s Chicago Oak Brook office, represented the seller, Axiom Properties Inc. Harris also represented the buyer, Colorado-based Monarch Investment and Management Group.
“The Champaign/Urbana market has realized significant overall improvement in occupancy during the past two years and is poised for strong rental growth over the next several years,” Harris said. “Town & Country Apartments is a well-maintained asset with low historical vacancy that is in a good position to take advantage of improving market fundamentals.
“The property was placed on the market in mid-January, the buyer was selected in mid-February, and the transaction closed less than 30 days after finalizing the contract.”
The apartment complex is located on 30 acres at 1032 E. Kerr Ave. in Urbana and was constructed in five phases beginning in 1968 and ending in 2008. Town & Country Apartments’ unit mix features 412 one-bedroom/one-bath units, 234 two-bedroom/one-bath units and 16 two-bedroom/two-bath units.
Community amenities include four swimming pools, a business center, a fitness center, a basketball court and tennis courts.