SOLD
FPA Multifamily Acquires Student Housing Near Illinois State University For $24.8M
800 West Hovey Avenue
Student Housing
Sold 179 days ago
Summary
Sale
ILLINOIS
Student Housing
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.
Players
All
6
Agents
5
Agencies
1
Details
SOLD
IMAGE: Scott Clifton, Jack Goldberger, Robert G. Byron, Mike Earl, Teddy Leatherman & Kevin Kazlow
DATE: 11/09/2023
ADDRESS: 800 West Hovey Avenue
MARKET: Normal
ASSET TYPE: Student Housing
BUYER: FPA Multifamily - Mike Earl
SELLER: Blue Vista Capital Management - Robert G. Byron
BROKERS: Grace Picchiotti, Jack Goldberger, Kevin Kazlow (@KevKaz), Scott Clifton & Teddy Leatherman - JLL (@JLL)
SALE PRICE: $24,800,000
UNITS: 125 ~ PPU: $198,400
NOTE: FPA Multifamily acquired The Social on Hovey, a 125-unit student housing community near Illinois State University, for $24.8 million from Blue Vista Capital Management. JLL Capital Markets represented the seller, and the buyer secured an $18.6 million Freddie Mac loan for the acquisition.View on map
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Address800 West Hovey Avenue
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