Living / Multi-housing

Stilts on Springfield

502 E Springfield Ave, Champaign, IL, 61820-5578, US

Stilts on Springfield_Property for Sale

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Stilts on Springfield 2_Property for Sale

Asset description

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.

Attributes

Year built
2000
Building area Net
35,743 sf

Investment highlights

​​​​Tier 1, Power 5 University – The University of Illinois is the Second Largest University by Enrollment in the Big Ten Conference 


​​​​​​​Exceptional Market Fundamentals – The University received a record-setting 63,000+ Applicants This Fall, Representing a 33% Increase Year-Over-Year


Unprecedented Demand – The Stilts on Springfield was 100% Leased and Achieved 11%+ Annual Effective Rent Growth by June 2022


Increasingly Affluent Demographics – UIUC Ranked #11 on the New York Times’s Study of Universities with the Highest Percentage of Students from the Top 1% of Familial Income 


Opportunities to Boost Cashflow – A New Owner Can Generate Outsized Returns Through Light Value-Add Opportunities 


Pioneer in STEM Fields – UIUC is Renowned for Offering World-Class Academic Programs, Many of which are Ranked Among the Top 5 in the World

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Last updated
Nov 30, 2022