SPERRY VAN NESS COMPLETES LAND SALE FOR MULTIFAMILY TOWER DEVELOPMENT

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URBANA, ILL. — Champaign, Ill.-based Sperry Van Ness/Ramshaw Real Estate (SVN) has completed the sale of 1.76 acres of land, located at 1008-1012 University Ave. in Urbana, for $1.8 million. The buyer, San Antonio-based Trammell Crow Higher Education Development, plans to develop a high-rise residential and retail tower that will target students of the nearby University of Illinois at Urbana. The site is eligible for tax increment financing and resides within an enterprise zone. Alex Ruggieri of SVN represented Trammell Crow, as well as the seller, a Champaign-based family trust, in the land purchase.

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