The sellers acquired the apartment communities approximately three years ago, renovating the buildings and improved the management, occupancy, reputation and rents for the properties, Harris says. The properties are now two of the most desirable student housing communities in Macomb, he says. Both complexes received new fitness centers, business centers, leasing offices and on-site laundry centers as part of the renovations. Units were remodeled with new carpeting and fixtures, and the landscaping was upgraded at both apartment communities. "Both properties were 100% leased for the school year," Harris says.

Rabil was represented by Gary Witten, a senior investment associate in Marcus & Millichap's New Haven, CT office. Harris represented the sellers. The two apartment communities are adjacent to Western Illinois University and are within one mile of each other. Campus Pointe has 185 units with a mixture of efficiency, studio, one-, two- and three-bedroom units and an average unit size of 769 sf. Campus Pointe has a total of 18 buildings constructed between 1970 and 1974 on a nearly 7.6-acre parcel. Campus Manor has 175 units with a mixture of efficiency, one and two-bedroom units and an average unit size of 722 sf. Campus Manor has a total of 13 buildings constructed between 1972 and 1984 on a 7.2-acre parcel. The average rental rate for Campus Manor is $753 and the average rent for Campus Pointe is $783, Harris tells GlobeSt.com.

Harris says Rabil is able to obtain a higher cap rate and return in buying student housing communities at Western Illinois University, which is considered a "second-tier" university, as opposed to a "prime Big 10 university" such as the University of Illinois or the University of Michigan. "This is a type of property that presents a good opportunity for an investor," he says.