Charleston, Ill. — Triad Real Estate Partners represented seller.
Charleston, Ill. — Triad Real Estate Partners has brokered the sale of Youngstown Apartments, an 89-unit, 159-bed property serving Eastern Illinois University in Charleston. The asset was under contract for approximately 30 days and sold for $3.5 million.
The seller, a private development company from California, was represented by Ryan Tobias, Shaun Buss and Sean Lyons of Triad Real Estate Partners. The buyer was a private owner-operator based in Champaign, Ill.
The property is two blocks from Eastern Illinois University, a public university with a fall 2012 enrollment of 10,417. EIU has struggled with enrollment decline in recent years, but Youngstown was 100 percent occupied at the time of sale, according to Triad Real Estate Partners.