Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHAMPAIGN, IL-Walton Street Capital LLC, based in Chicago, has sold Illini Tower, 409 E. Chalmers St., here. Campus Living Villages, based in Australia, has acquired the 207-unit student housing community at the University of Illinois at Urbana-Champaign. The sale had “an aggressive cap rate in the low sixes,” says Ryan Reid, national director of student housing with CB Richard Ellis’ national student housing team. The sales price was reportedly more than $60 million.

The 16-story building was constructed in 1967. Illini Tower has a total of 725 beds in a mixture of efficiencies, studios, two-, three- and four bedroom units, Reid says. Walton Street Capital acquired the property in 2003 for approximately $29.7 million, sources say. The company spent nearly $6 million on upgrades that were done in 2003 through 2007. “They completely remodeled and upgraded the cafeteria (and) modernized the elevators,” Reid said. The front desk, flooring and furniture in the common areas and furniture in the units were upgraded. Additionally, “they replaced the doors and locks with electronic locks on each unit,” he says.

Illini Tower is not technically on campus, but is closer to some of the buildings holding classes than many of the on-campus dorms, Reid says. “It is a great core asset in a very strong location,” he says. The building is part of the University of Illinois private-certified housing system. The building is somewhat unique from other housing options at the school in that it has kitchenettes in each of the units, Reid says. Illini Tower is 99% per-leased for the upcoming school year. The rates vary, depending on type of unit and meal plan, but range from $9,800 to $18,000 for the academic school year, Reid tells GlobeSt.com.

Reid and John Jaeger, FVP with CB Richard Ellis’ Chicago office, represented Walton Street Capital. James Tramuto, with CBRE’s Houston office, in addition to Jenna Davis and Bill Rugg, both with CBRE’s Dallas office, also advised on the sale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.