Marcus & Millichap Real Estate Investment Services this week announced it arranged the sale of two student housing communities, totaling 361 units, in Macomb, Ill., for a combined price of nearly $21.9 million.
Rabil Properties LLC bought the properties from a private seller, Marcus & Millichap reported.
The portfolio includes:
- Campus Pointe Apartments, which is located at 900 Linden Lane, and comprises 18 buildings situated on a 7.5-acre lot with 185 units, including efficiency, studios, one-, two- and three-bedroom units.
- Campus Manor Apartments, which is located at 902 North Charles St., consisting of 13 buildings situated on a 7.2-acre lot with 175 units, including efficiency, one- and two-bedroom units.
Both properties have undergone recent capital improvements, including a new fitness center, business center, leasing office, an on-site laundry center, upgraded landscaping, and remodeled units with new fixtures and carpeting. Campus Pointe also includes a swimming pool.
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