Marcus & Millichap Lists $31M Student Housing Community

The company received the exclusive listing for 512 South Third St., a 400-bed student housing community within walking distance of the University of Illinois' main campus.
512 South Third Street

512 South Third St.

After arranging the $1.1 million sale of Meadowood Apartments, a 42-unit community in Logansport, Ind., Marcus & Millichap has been awarded the exclusive listing for 512 South Third St., a 140-unit student housing community located in Champaign, Ill. Scott Harris, Bryan Kunze and Nick Hillard are representing the seller. The sale price is $31.8 million.

Located at 512 S. Third St., at the intersection of interstates 57, 72 and 74 in east central Illinois, the 400-bed property is situated on the edge of the University of Illinois, in close proximity to various dining, parks, restaurants and entertainment options ,such as Orpheum Children’s Science Museum, University of Illinois Arboretum, Anita Purves Nature Center and Parkland College.

A look inside

Each unit is fully furnished with upgraded flooring, newer appliances, stackable washer and dryer, refrigerator and jacuzzi tubs. Built in 2001, the four-story building features amenities such as:

  • free Wi-Fi
  • outdoor cabanas
  • spa
  • jacuzzi/whirlpool
  • elevator
  • 256 parking spaces 

“With enrollment at the University of Illinois expected to maintain steady growth over the coming years, and no new construction projects in the pipeline, this modern student housing asset should provide an above-market return for the foreseeable future,” Scott Harris, senior managing director, investments in Marcus & Millichap’s Chicago Oak Brook office, said in a statement.

Image via Google Maps