Marcus & Millichap has brokered the $150 million sale of a portfolio comprising over 50 student housing properties totaling nearly 1,100 units near the University of Illinois Urbana-Champaign campus in Champaign, Illinois.
The transaction, which closed in four tranches, set several records in Champaign County, including the highest-ever portfolio sale price, as well as the largest number of units, bedrooms and buildings in a single portfolio sale. Together, the buildings total 863,961 square feet and range from single-family rental homes to traditional student housing apartments, with the newest property being constructed three years ago and the oldest more than 50 years old.
Marcus & Millichap’s Senior Managing Director Investments Scott Harris and Senior Associate Bryan Kunze represented the longtime owner, Campus Property Management, and procured the buyer, Fairlawn Capital.
