FPA Multifamily Acquires Illinois Student Community

Blue Vista Capital Management sold the asset for $24.8 million.

The Edge on Hovey is a 125-unit, 481-bed student housing community in Normal, Ill.

The value-add community also features 5,600 square feet of retail space. Image courtesy of Yardi Matrix

FPA Multifamily has acquired The Edge on Hovey, a 125-unit, 481-bed student housing community in Normal, Ill. An entity controlled by Blue Vista Capital Management sold the asset for $24.8 million, according to public records. JLL Capital Markets represented the seller.

The buyer obtained an $18.6 million Freddie Mac loan for the transaction, originated by JLL Real Estate Capital, public documents show.

The student community, now rebranded as The Social on Hovey, is near Illinois State University. The value-add asset came online in 2004 and encompasses three four-story buildings with roughly 5,600 square feet of ground-level retail space.

Units are divided into one-, two- and three-bedroom floorplans, all with bed-to-bath parity. The fully furnished apartments range between 909 and 1,520 square feet and feature walk-in closets, along with washers and dryers. Common-area amenities at the 3-acre property include a fitness center, business center, clubhouse, conference room and private study rooms.

Located at 800 W. Hovey Ave., the Class B community is close to CEFCU Arena and numerous dining options. Shoppes at College Hills is some 3 miles away, while Central Illinois Regional Airport at Bloomington-Normal is 6 miles southeast.

The JLL Capital Markets team comprised Managing Directors Scott Clifton and Teddy Leatherman, Director Kevin Kazlow, Associate Jack Goldberger and Analyst Grace Picchiotti. Earlier this year, Clifton, Leatherman and Kazlow were part of the team that arranged the transaction of Vue on MacGregor, a 347-bed student housing community in Houston.

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