Triad Real Estate Partners has completed the sale of University Village, a 391-bed student housing property serving Eastern Illinois University in Charleston.
The property was an REO sale, owned by Fifth Third Bank in Chicago. The buyer was a regional student housing operator out of Champaign that is looking to expand at Eastern Illinois and other campuses around the Midwest.
Triad was given the assignment in April of 2013. Despite poor historical financials and a challenging off campus location, the company conducted 12 property tours and procured four qualified offers within 45 days.
University Village is located 2.5 miles east of Eastern Illinois University, a public university with a fall 2012 enrollment of 11,178. The project suffered from high vacancy in recent years, posting 2012-13 occupancy of just more than 70 percent. The new owner plans a substantial renovation and repositioning of the property, renting some units to families and boosting occupancy above 90 percent.
