INACTIVE LISTINGThe Star Property Portfolio

Multiple addresses at NIU, SIU and WIU
DeKalb, Macomb and Carbondale , Illinois Multiple

Type: Apartment Property for Sale

Sale Information

Lot Size: Multiple

NOI: $999,999.99

Property Overview

This portfolio consists of properties at three campuses in Illinois, Northern, Western and Southern Illinois Universities. The NIU portfolio is the most diverse, consisting of 42 properties built over a number of years. Aspen Court at WIU has four different locations including one major complex with a full amenity package. Aspen Court at SIU is one self-contained location with an excellent suite of amenities. All three campuses are 98.4% occupied for 2015-16. There are a wide variety of unit types and finishes but the majority are newer build with bed-bath parity and in-unit washer/dryers. The NIU properties are small, in-fill buildings and thus do not have amenities to maintain but both WIU and SIU have full amenitiy packages inlcuding swimming pool, fitness center, basketball court, computer lab, tanning center and grilling area with bags court. Each property is within walking distance to campus and on a campus bus line. At NIU, some locations are truly best in market directly across the street from the university. The furthest are just a mile away in the College Park neighborhood. The same can be said at WIU with certain properties across the street and the furthest about a mile away. Aspen Court at SIU is less than one mile straight east of campus. This rare offering provides the opportunity to acquire a fully stabilized student housing portfolio with considerable scale. With 2,337 beds across three campuses in the same state, there are a lot of management efficiencies. To that end, the properties come with a full turnkey management operation including leasing offices and a strong reputation in each market. NIU and WIU are free and clear of debt while SIU has a loan that may be assumed. Free and clear offers for the whole portfolio will be considered.

Uses: Student Housing

Occupancy: 99%