Triad Real Estate Partners has announced the recent sale of Uptown Crossing, a 135-unit, 210-bed mixed-use student housing property located at Illinois State University in Normal, IL.
This Class “A” asset was originally constructed in 2010 and it is located directly across the street from Illinois State University with an enrollment of 22,000 students. The property features an underground parking garage, apartments on the top floors and 56,000 square feet of commercial space on the first two floors with CVS and ISU as anchor tenants. The seller is a regional developer who assembled the land and developed the property in 2009. The buyer is The Mareau Group, based in Plano, TX. Mareau is making just their second student housing acquisition but is looking to aggressively expand their student footprint nationally. They have hired Cardinal Group to manage this asset and their growing portfolio. The final sale price was $27,600,000 which represents a capitalization rate of 6.75%.
