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Marcus & Millichap Facilitates $13.3M Sale of University Commons in Champaign, IL
Marcus & Millichap has successfully brokered the $13.3 million sale of University Commons, a 100-unit student housing and retail property located in Champaign, Illinois.
“The property’s proximity to the engineering school, its modern construction and amenity package, and the limited new supply pipeline made it especially competitive among investors seeking stable, rent-growth-driven opportunities,” said Sam McCarthy, Director of Investments at Marcus & Millichap.
McCarthy, along with Scott Harris, investment specialists from the firm’s Chicago Oak Brook office, held the exclusive listing to market the property on behalf of the seller. They also procured the buyer, Illini Rental Properties, LLC.
Situated at 209 E. University Avenue, University Commons includes 95 fully furnished student housing units offered in studio, one-, two-, three-, and four-bedroom layouts, in addition to five ground-floor retail spaces. The property, built in 2018, encompasses 68,309 square feet across 2.66 acres and is located just a few blocks from the University of Illinois campus, downtown Champaign, and the city’s bus terminal.
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