FIFTH THIRD BANK SELLS 391-BED STUDENT HOUSING PROPERTY

CHARLESTON, ILL. — Triad Real Estate Partners has arranged the sale of University Village, a 391-bed student housing property serving Eastern Illinois University in Charleston, about 50 miles south of Champaign. The property was an REO sale, owned by Fifth Third Bank in Chicago. The buyer was a Champaign, Ill.-based student housing operator that is looking to expand at Eastern Illinois University and other campuses around the Midwest. University Village is located 2.5 miles east of Eastern Illinois University, a public university with a fall 2012 enrollment of 11,178. The project suffered from high vacancy in recent years, posting 2012-13 occupancy of just more than 70 percent. The new owner plans to renovate and reposition the property, renting some units to families.