Multi-Housing

Illinois State University - 2 Property Portfolio

609 S Fell Ave Normal, Illinois United States 61761-3685
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Year Built 2002
Building Area
Number of units 39

Property Description

Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively “JLL”) presents College Station Apartments & Lincoln Park Townhomes (the “Properties”), two student-housing communities that serve Illinois State University (“ISU”) in Normal, Illinois. The Properties consist of 4 buildings, 246 units, and 663 beds in the Bloomington-Normal MSA. Upon surpassing a three-decade-long enrollment record in 2019, ISU now enrolls 20,720 students, making it the 3rd largest public university in the state (behind the University of Illinois Champaign and the University of Illinois Chicago).

Investment Highlights

  • Projected Enrollment Expansion – ISU projects to add 1,010 students to enrollment by 2024 while neighoring Illinois Wesleyan University similarly anticipates further expansion following 9% new-student enrollment growth in Fall 2020.


  • Market’s Top Performers – Current preleasing at 89% (as of May 2021) positions the Portfolio among the top leaders in the area and ahead of this time last year, a testament to the soaring popularity of both assets.


  • Below-Market Rent – Meaningful upside potential to increase rent at the Properties to correspond with the broader Normal student-housing market suggesting an opportunity to boost rates 30%.


  • Diverse Appeal – Students live without compromise as the properties serve a wide variety of housing preferences ranging from best-in-class amenities – such as a sand volleyball court – to an immediate proximity to campus and uptown.


  • Exceptionally Strong Market Fundamentals – On-campus student housing occupancy is expected to remain near 100% while an expanding enrollment with no anticipated supply changes will precipitate off-campus occupancy climbing to meet projections through 2024.


  • Well Positioned among Public Universities – All three of the universities in the Bloomington-Normal MSA will welcome their combined 25,000+ students back to campus for in-person classes resembling the traditional university atmosphere. The Properties have a heightened appeal in comparison with other public universities in Illinois where in-person learning will be limited this year.
Last Updated Date: 29 Jun 2021
Scott Clifton
Scott Clifton
Senior Director, Capital Markets
License details
IL-475.17091
Stewart Hayes
Stewart Hayes
Senior Director, Capital Markets
License details
IL-475.175313

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Last Updated Date: 29 Jun 2021

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