Berkadia Negotiates $38M Multifamily Property Sale in Urbana, Illinois
URBANA, ILLINOIS – February 29, 2024 – Berkadia announced today the sale of Town & Country, a 662-unit, garden-style multifamily property in Urbana, Illinois. Managing Director Ralph DePasquale of Berkadia Chicago led the transaction on behalf of the seller, Colorado-based Monarch Investment and Management Group.
Town & Country sold for $38 million to Michigan-based MF Capital on February 20. The property was 98 percent occupied at the time of the sale.
“Town & Country offered a wide range of unit types and ages having been built in phases over 30 years. It represented a great opportunity to acquire immediate scale for the new owner with untapped upgrade potential,” said DePasquale.
Located at 1032 E Kerr Ave, the property affords convenient access to the University of Illinois (walking distance to the newer engineering campus), Downtown Urbana, the Champaign
County Buildings and Interstate 74. The property is also within easy walking distance of the Carle Foundation Hospital, the largest medical facility in the area and significant employer to numerous residents. Town & Country was built in phases between 1970 and 2007 and features 662 units. The transaction also included an independent and adjacent 52-unit self-storage facility.
Berkadia negotiates sale of 662-unit apartment property in Urbana | RE Journals
MF Capital Buys 662-Unit Community near University of Illinois | Multi-Housing News