Dekalb, Ill. — Triad Real Estate Partners has arranged the sale of Stadium View Portfolio at Northern Illinois University in DeKalb, Illinois. The portfolio included three student housing properties totaling 120 units and 384 beds. The properties were built between 1990 and 2005 with a mix of one-, two- and four-bedroom apartment and townhome units. They are all located within walking distance to campus with the largest property sitting directly next Huskie Stadium, Triad says.
Triad brought multiple offers on the portfolio and ultimately negotiated a deal with a regional student housing owner who is looking to expand its portfolio at NIU. The property sold for $7.6 million, which was $19,843 per bed and reflected a CAP Rate of 8.3 percent. The property was 99 percent occupied for the 2014-15 school year.