Normal, Ill. — Triad Real Estate Partners has arranged the $27.6 million sale of Uptown Crossing, a 135-unit, 210-bed mixed-use student housing property located near Illinois State University in Normal.
The Class A asset was constructed in 2010 and is located across the street from Illinois State University.
The property features an underground parking garage, apartments on the top floors and 56,000 square feet of commercial space on the first two floors with CVS and ISU as anchor tenants. The seller is a regional developer who assembled the land and developed the property in 2009.
The buyer is The Mareau Group, based in Plano, Texas. Mareau has hired Cardinal Group to manage the asset and their portfolio. The final sale price represents a capitalization rate of 6.75 percent.