Marcus & Millichap Inc.
01/08/2026 | Press release | Distributed by Public on 01/08/2026 16:56
Marcus & Millichap Arranges $13.3M Sale of Student Housing Property in Champaign, Illinois
Press Releases
Marcus & Millichap Arranges $13.3M Sale of Student Housing Property in Champaign, Illinois
January 08, 2026
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CHAMPAIGN, Ill., Jan. 8, 2026 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of University Commons, a 100-unit student housing and retail property in Champaign, Illinois, for $13.3 million.
"University Commons generated nearly a dozen offers from both local and national buyers, highlighting continued investor demand for well-located, high-performing student housing assets," said Sam McCarthy, director investments. "The property's proximity to the engineering school, its modern construction and amenity package, and the limited new supply pipeline made it especially competitive among investors seeking stable, rent-growth-driven opportunities."
McCarthy and Scott Harris, investment specialists in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer, Illini Rental Properties, LLC.
University Commons, located at 209 E. University Ave., comprises 95 fully furnished student housing units in a mix of studio, one-, two-, three- and four-bedroom floor plans, along with five ground-floor retail spaces. Built in 2018, the 68,309-square-foot property spans 2.66 acres and features amenities including a gym, recreation center, study room, and covered and uncovered parking. The property is a few blocks from the University of Illinois campus, downtown Champaign and the city's bus terminal.
The new ownership plans to continue operating University Commons as a premier student housing option near campus, with a focus on maximizing operational efficiencies and executing modest interior and common-area upgrades. Enhancements to the retail component are also planned to better serve the student population.
"University Commons generated nearly a dozen offers from both local and national buyers, highlighting continued investor demand for well-located, high-performing student housing assets," said Sam McCarthy, director investments. "The property's proximity to the engineering school, its modern construction and amenity package, and the limited new supply pipeline made it especially competitive among investors seeking stable, rent-growth-driven opportunities."
McCarthy and Scott Harris, investment specialists in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer, Illini Rental Properties, LLC.
University Commons, located at 209 E. University Ave., comprises 95 fully furnished student housing units in a mix of studio, one-, two-, three- and four-bedroom floor plans, along with five ground-floor retail spaces. Built in 2018, the 68,309-square-foot property spans 2.66 acres and features amenities including a gym, recreation center, study room, and covered and uncovered parking. The property is a few blocks from the University of Illinois campus, downtown Champaign and the city's bus terminal.
The new ownership plans to continue operating University Commons as a premier student housing option near campus, with a focus on maximizing operational efficiencies and executing modest interior and common-area upgrades. Enhancements to the retail component are also planned to better serve the student population.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit https://www.MarcusMillichap.com.
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