Everest Equities Acquires Champaign, IL, MF Portfolio
The properties had the same owner since the 1970s, and represented an opportunity to upgrade units while rebranding the assets as one property, says Berkadia's Parker Stewart.
CHAMPAIGN, IL— Champaign, IL-based Royse & Brinkmeyer sold its Mattis Portfolio, a four multifamily property portfolio totaling 194 units in Champaign, IL, to New York-based Everest Equities for $9.1 million.
Parker Stewart, Ralph DePasquale, and Alex Blagojevich of Berkadia’s Chicago office marketed the assets on behalf of the seller.
“These assets have been under the same ownership since they were built in the mid 1970s,” says Stewart. “While the properties were well-maintained, they also represented an opportunity to further upgrade units and potentially re-brand the assets as one.”
The Mattis Portfolio is made up of four distinct properties, Colonial South, Colonial Village, Continental Plaza, and Stoneleigh Court, located within a few blocks of each other along Mattis Avenue, a major north-south artery in the southwest portion of Champaign.
The assets were developed in the late 1960s through the mid-1970s and offer a diverse mix of floor plans including some two-level townhouses. All four assets are located within a mile of I-74, and offer a good mix of studio, one-, two- and three-bedroom floor plans, including many direct-access townhouses. Averaging 804 square feet across the portfolio, most of the units offer individual furnaces and some washer/dryer hook-ups.