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1032 East Kerr Avenue | Urbana, IL 61802
Ralph Depasquale
Managing Director
ralph.depasquale@berkadia.com
312.845.8572
Richard Evans
Senior Director
richard.evans@berkadia.com
414.662.2472
Pete Evans
Senior Managing Director
pete.evans@berkadia.com
312.407.6711
INVESTMENT SALES
Jason Bond
Managing Director
jason.bond@berkadia.com
312.845.8504
Peter Benedetto
Senior Managing Director
peter.benedetto@berkadia.com
248.208.3462
Mortgage banking
Chicago Office
125 South Wacker Drive,
Suite 400
Chicago, IL 60606
CONTACT US
GALLERY
COMMUNITY AMENITIES
• 4 Swimming Pools
• 24 Hour Fitness Center
• Business Center
• Storage Units Available
• Package Receiving
• 5,000 Sq Ft Dog Park
• Playground
• BBQ Grills with Seating Area
• Bike Racks
• Free Resident Parking
• Laundry Facilities in Each Building
• Minutes from U of I Campus
• Over 30 Acres of Beautifully Landscaped Grounds
• Basketball Court
• Tennis Court
• Public Transportation
• Recycling
• On-Site Maintenance
• On-Site Management
• Flex Rent Payments
APARTMENT FEATURES
• Spacious Floor Plans
• Washer/Dryer (Select Homes)
• Limited Storage Available
• Cable Ready
• Carpeting
• Refrigerator
• Dishwasher (Select Homes)
• Microwave
• Large Closets
• Patio/Balcony (Select Homes)
• Courtyard View
THE property
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Rare opportunity for immediate scale with strong value-add upside
2.
Great mix of floor plans and finish options through various phases/upgrades
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Untapped value-add strategy with numerous revenue enhancements possible including washer and dryer potential
4.
Strong amenities including four outdoor pools and free-standing 24/7 fitness center
INVESTMENT HIGHLIGHTS
Berkadia is pleased to present the exclusive offering of Town & Country Apartments, a rare opportunity to acquire a large, well-leased, and well-positioned apartment community totaling 662 units with strong upside potential and optionality, in the desirable market of Champaign/Urbana, Illinois. Built between 1969 and 2008, with roughly half the units built in 1989, the 35 buildings offer apartments clustered around six private courtyards, each having its own swimming pool or lush, grassy area. The four distinct residential phases include a mix of one- and two-bedroom units in two- and three-story buildings. The community and the units have been updated over the years in several programmatic campaigns and create a multitiered pricing structure for residents. Under the current ownership, which has owned the asset for over 10 years, the property has received nearly $2 million in capital improvements including several new roofs and upgrades to the clubhouse, leasing, and fitness centers. The extensive amenities include a central clubhouse/leasing center (added in 1989), which also includes a large patio area, four outdoor pools within private courtyards in the various phases, a free-standing, 24/7 fitness center, as well as a separate tennis/pickleball court, and sport court.
Only a few minutes from the I-74 interchange, it offers excellent access to major highways, shopping, restaurants, and work centers. In addition, Town & Country is only a short walk to the Carle Clinic Hospital (the largest medical system in the area) and only minutes away from the University of Illinois, and offers numerous outdoor recreation opportunities for residents right outside their doors. The resident base is also very diverse at Town & Country including graduate students, young professionals, professors, medical personnel, and long-term, retired individuals.
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EXECUTIVE SUMMARY
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1032 East Kerr Avenue | Urbana, IL 61802
1969 and 2008
BUILT
488,204
SQFT
662
UNITS
The Opportunity
The Property
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Between
Multiple phase development allows for the possibility to divide into multiple assets
Ten plus year ownership creates the possibility to use tax credits for renovations
Possible assumption of existing debt at 5.54% with five years remaining
5.
6.
7.
Keith Millikan
Director
keith.millikan@berkadia.com
312.845.8590
The Opportunity
The Property
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