Triad Real Estate Partners has sold a 300-bed development site and a seven-property portfolio at The University of Illinois in Champaign, Illinois.
The seven existing assets were predominantly new construction, developed and managed by Dermel Properties, local to Champaign. All of the assets are located within walking distance to campus and are 100 percent occupied. The total price of the portfolio was not disclosed.
The buyer, Green Street Realty, satisfied a 1031 need with the existing properties and plans a redevelopment of the 30,000-square-foot land site along Green Street. Preliminary plans call for 300 beds over 6,000 square feet of retail space.
