Triad Real Estate Partners has announced the sale of the Youngstown Apartments, an 89-unit, 159-bed student housing property serving Eastern Illinois University in Charleston. The asset was under contract for just more than 30 days and sold for $3.5 million.
The seller, a private development company from California, was represented by Ryan Tobias, Shaun Buss and Sean Lyons of Triad Real Estate Partners. The buyer was a private owner-operator based in Champaign.
The property was located just two blocks from Eastern Illinois University a public university with a fall 2012 enrollment of 10,417. While EIU has struggled with enrollment decline in recent years, Youngstown is one the best located and well managed assets in the market and was 100 percent occupied at the time of sale.