Illinois student housing portfolio sold

Marcus & Millichap Real Estate Investment Services this week announced it arranged the sale of two student housing communities, totaling 361 units, in Macomb, Ill., for a combined price of nearly $21.9 million.

Rabil Properties LLC bought the properties from a private seller, Marcus & Millichap reported.

The portfolio includes:

• Campus Pointe Apartments, which is located at 900 Linden Lane, and comprises 18 buildings situated on a 7.5-acre lot with 185 units, including efficiency, studios, one-, two- and three-bedroom units.

• Campus Manor Apartments, which is located at 902 North Charles St., consisting of 13 buildings situated on a 7.2-acre lot with 175 units, including efficiency, one- and two-bedroom units.

Both properties have undergone recent capital improvements, including a new fitness center, business center, leasing office, an on-site laundry center, upgraded landscaping, and remodeled units with new fixtures and carpeting. Campus Pointe also includes a swimming pool.

***

What's your opinion? Send your Letter to the Editor to opinion@inman.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.