GMF, Argo Buy 588-Bed Student Housing Asset

The partners acquired Place at 117, a property situated nearby the flagship campus of the University of Illinois, with plans to further upgrade the accommodations.
Place at 117. Image via Google Street View

GMF Capital has teamed up with Argo Partners to buy Place at 117, a 588-bed student housing property nearby the campus of the University of Illinois at Urbana-Champaign. Located at 117 Sterling Court in Savoy, Ill., the 192-unit luxury property was built in 2001.

The community features spacious private bedrooms and bathrooms, new furniture and flat-screen TVs, according to the property’s website. The previous owners spent nearly $1 million on property improvements including common area renovations.

The new partnership plans to continue modernization efforts by enhancing the property exteriors and unit interiors and substantially upgrading technology throughout the complex. “(The property) is an asset with immense potential,” commented Matt Friend, vice president of acquisitions at Argo Partners in a prepared statement. “We look forward to unlocking that potential and providing students with a best-in-class experience.”

GMF purchased a portfolio of student housing assets at the University of Illinois and Illinois State University earlier in March, but the details of the transaction remained unavailable.

Last December, Argo Partners sold Vie at Hattiesburg, a student housing community in Hattiesburg, Miss., to Vesper Holdings. The 792-bed property serves students at the University of Southern Mississippi.