Stilts on Springfield

Jones Lang LaSalle Americas (Illinois), L.P. (“JLL") is pleased to present The Stilts on Springfield (the “Stilts” or the “Property”), a fully occupied student housing community across the street from the University of Illinois (the “University” or “UIUC”) in Champaign, IL. Current ownership recently completed a gut renovation campaign to upgrade all 40 units with modern kitchen appliances, new cabinets, granite countertops, and renovated bathrooms, in addition to adding all-new flooring, lighting, and paint. 

The University of Illinois is a flagship Power 5 university whose athletic teams compete in the Big Ten conference, and it has been recognized as the #14 Top Public University in the Nation. In the recently released First-Year Enrollment report, UIUC announced that it received a record-breaking 63,257 applications – representing a 33% year-over-year increase – which resulted in a 15% decrease in the University’s acceptance rate to an all-time low of 44.8%.

The market’s astonishing demand peripherals are exemplified in the Property’s preleasing for the 2022-2023 academic year, which achieved 100% occupancy with more than 11% annual effective rate growth. The Stilts on Springfield presents new ownership the opportunity to push rates further thereby generating outsized returns without the need of upfront capital expenditures and/or continue the renovation strategy by upgrading the bedrooms to produce even greater premiums and stable cashflows long into the future.