FPA Multifamily Acquires Student Housing Near Illinois State University For $24.8M

FPA Multifamily has acquired The Social on Hovey, a 125-unit student housing community located at 800 West Hovey Avenue in Normal, near Illinois State University. The property was sold for $24.8 million by Blue Vista Capital Management. This acquisition was facilitated by JLL Capital Markets, with Grace Picchiotti, Jack Goldberger, Kevin Kazlow, Scott Clifton, and Teddy Leatherman representing the seller.

Summary of transaction details:

• Property Type: Student Housing
• Transaction Amount: $24,800,000
• Units: 125
• Price per Unit: $198,400
• Buyer: FPA Multifamily - Mike Earl
• Seller: Blue Vista Capital Management - Robert G. Byron
• Brokers: Grace Picchiotti, Jack Goldberger, Kevin Kazlow, Scott Clifton, Teddy Leatherman - JLL

FPA Multifamily secured an $18.6 million Freddie Mac loan for the acquisition of The Social on Hovey. This transaction marks an important investment in student housing in the Normal market.