Triad Real Estate Partners announced the recent sale of Campus Pointe and Campus Manor at Western Illinois University in Macomb, Illinois. The two property portfolio consisted of 356 units and 639 beds and sold at a price of $22,900,000 with an approximate capitalization rate of 7.65 percent.
Triad was hired by Connecticut based Corridor Ventures to market and sell the two student housing assets. They are the best located assets in the market as each sits directly adjacent to the main campus.
The Buyer was a private placement equity sponsor based in South Carolina. Despite numerous challenges during due diligence and an extended escrow period, Triad was able to negotiate a premium price and terms for this transaction.
