Living / Multi-housing

The Place at 117

117 Sterling Ct Savoy, Illinois United States 61874-8041
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
Cap Rate N/A

Documents

I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 2001
Building Area Net
Number of units 192
Occupancy 92.0 %

Property description

Jones Lang LaSalle Americas (Illinois), L.P. ("JLL") is pleased to present The Place at 117 (the "Property" or "The Place"), a remarkable value-add opportunity located in one of the strongest student housing markets in the nation. The 192 unit / 588 bed property serves the ballooning student population at the University of Illinois Urbana-Champaign (the "University" or "UIUC") where enrollment has grown for over ten consecutive years.


As the Property was originally constructed in 2001, current ownership began a renovation campaign that targeted both the Property’s exterior and unit interiors. The 59 premium units available for the 2022-2023 academic year offer refreshed appliances, countertops, and fixtures, and new ownership has the opportunity to complete the proven value-add campaign across almost 70% of The Place's units that remain unrenovated. Exterior improvements completed within the last three years include replacing the roofs, repainting the buildings, sealing and striping the parking lot, upgrading the lighting and more.


This opportunity enables a new investor the ability to gain a foothold at a Tier-1, Power-5 University that has been recognized as the #14 Top Public University in the Nation. In Fall 2021, UIUC welcomed the largest freshman class in its nearly 200-year history, and its strategic plan anticipates further growth in the short term. 


New ownership can leverage the Property's ascending profile within a fortified market to generate stable cashflows both in the immediacy and long into the future.

Investment highlights

Flagship Big Ten University – UIUC’s internationally recognized academic and athletic programs consistently rank among the best in the world which enticed a record-setting 63,000+ applicants in Fall 2022, representing a 33% increase year-over-year

Value-Add Opportunity ­– New ownership can complete the proven value-add campaign by renovating the ~70% of units that remain original

Concrete Student Housing Market – Ten consecutive years of enrollment growth has supported average market occupancy of 95%+ and annual rent growth of nearly 7%

Discount to Replacement Cost – The Place at 117 is offered at an attractive basis that will generate high yields for a new owner 

Expanding Bed Shortage – Soaring construction costs has diminished the already limited development pipeline and created a supply and demand imbalance that’s expected to widen

Leader in STEM Fields – UIUC offers world-class academic programs and its STEM curriculums are ranked among the top five in the nation

Last Updated Date: 23 Sep 2022

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

Last Updated Date: 23 Sep 2022

Do you have any questions?  Visit our FAQ page

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.