MF Capital Buys 662-Unit Community near University of Illinois
The transaction included an adjacent self storage facility.
MF Capital has purchased Town & Country, a 662-unit multifamily property in Urbana, Ill. Colorado-based Monarch Investment and Management Group sold the asset for $38 million. The transaction also included an adjacent 52-unit self storage facility.
Berkadia Managing Director Ralph DePasquale arranged the deal on behalf of the seller. The property was 98 percent occupied at the time of sale.
The asset previously traded in 2013, when the Monarch Investment and Management Group acquired it for $34.5 million from Axiom Properties, Yardi Matrix data shows, funding it with a $27.6 million Fannie Mae loan.
The community came online in five phases between 1970 and 2007 and encompasses 33 two- and three-story buildings spread across 32 acres. Units consist of one- and two-bedroom floorplans, ranging from 560 to 995 square feet, and feature balconies or patios, washers and dryers in select layouts.
Common-area amenities include a fitness center, business center, tennis and pickleball court, basketball court and a playground. Additionally, the garden-style property has 33 laundry facilities, four swimming pools and about 940 parking spaces.
The property is at 1032 E. Kerr Ave., 1 mile from Lincoln Square Mall and downtown Urbana, while University of Illinois’ Urbana-Champaign campus is within 2 miles. Willard Airport is 9 miles southwest.
