Ascott Residence Trust (ART), a subsidiary of the Asian real estate giant CapitaLand Investment, is set to expand its U.S. holdings with a new acquisition in Champaign, Ill. The company will pay $83.3 million for Seven07, a 548-bed student housing community—the fourth in its portfolio—serving students enrolled at the nearby University of Illinois at Urbana-Champaign (UIUC).
The seller of the 2019-built property was a partnership between The Opus Group and The Carlyle Group, according to Yardi Matrix data.
Located at 707 S. 4th St., the community is within one mile of both the UIUC campus and downtown Champaign, and roughly 4 miles east of Parkland College. In addition, the property is within walking distance from several dining and retail opportunities along East Green Street.
The 14-story building offers studios and one- to four-bedroom apartments with floorplates ranging from 422 to 1,447 square feet. All 218 units include washers and dryers and high-speed internet access. Common amenities feature several study rooms, a café, swimming pool, gym, outdoor lounge and barbecue area, bike storage room and roughly 300 parking places.
Despite pandemic-related uncertainties, UIUC has seen enrollment growing in 2020, gaining more than 1,000 students compared to the previous year and reaching 52,679 students, according to data from the National Center for Education Statistics. Data from 2019 shows that foreign enrollment accounted for approximately 13 percent of the student body, while out-of-state students make up more than 12 percent.
Since entering the U.S. market in January, ART has been slowly expanding its student housing and hospitality portfolio. In September, the trust paid $70 million for its third student community. Located in Lubbock, Texas, the 1,005-bed property serves students at Texas Tech University.
In June, the trust partnered with The Ascott Limited, CapitalLand’s business unit, to develop a 678-bed accommodation catering to students at the University of South Carolina. The $110 million development project is slated for completion before the start of the 2023 fall semester.