NORMAL, IL—A student housing development does not need to look like a country club to attract investors. The Mareau Group, a Plano, TX-based company, just purchased Uptown Crossing, a 135-unit, 210-bed mixed-use student housing property located at Illinois State University in Normal, IL, for $27.6 million from a regional developer.
And the urban infill location “does not have a ton of amenities,” Ryan Tobias, a founding partner at Chicago-based Triad Real Estate Partners, which brokered the transaction, tells GlobeSt.com. “For the most part, the amenities arms race is to make up for a property not being in a great location.”
“But this property,” he adds, “is unquestionably in this market's best location.” Originally constructed in 2010, Uptown Crossing is directly across the street from campus and will continue attracting students for decades. For Mareau, “it's not a short-term investment.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
