The 16-story building was constructed in 1967. Illini Tower has a total of 725 beds in a mixture of efficiencies, studios, two-, three- and four bedroom units, Reid says. Walton Street Capital acquired the property in 2003 for approximately $29.7 million, sources say. The company spent nearly $6 million on upgrades that were done in 2003 through 2007. "They completely remodeled and upgraded the cafeteria (and) modernized the elevators," Reid said. The front desk, flooring and furniture in the common areas and furniture in the units were upgraded. Additionally, "they replaced the doors and locks with electronic locks on each unit," he says.

Illini Tower is not technically on campus, but is closer to some of the buildings holding classes than many of the on-campus dorms, Reid says. "It is a great core asset in a very strong location," he says. The building is part of the University of Illinois private-certified housing system. The building is somewhat unique from other housing options at the school in that it has kitchenettes in each of the units, Reid says. Illini Tower is 99% per-leased for the upcoming school year. The rates vary, depending on type of unit and meal plan, but range from $9,800 to $18,000 for the academic school year, Reid tells GlobeSt.com.

Reid and John Jaeger, FVP with CB Richard Ellis' Chicago office, represented Walton Street Capital. James Tramuto, with CBRE's Houston office, in addition to Jenna Davis and Bill Rugg, both with CBRE's Dallas office, also advised on the sale.