Sale of student housing community near Illinois State University closes

CHICAGO, Nov. 8, 2023 – JLL Capital Markets announced today that it has arranged the sale for The Edge on Hovey, a 125-unit / 481-bed student housing community located adjacent to Illinois State University in Normal, Illinois.

JLL represented the seller, an entity of Blue Vista Capital Management, and FPA Multifamily acquired the asset.

Built in 2004, The Edge features two-, three- and four-bedroom units, averaging 1470 square feet. The fully furnished units feature private walk-in closets, bed-bath parity and nine-foot ceilings, and the community amenities include a lobby, modern cyber lounge, private study rooms, fully equipped fitness center and yoga studio, high-speed internet and controlled building access. Recently renovated, the property still presents the opportunity for value-add interior upgrades. Additionally, The Edge features a parking garage with 549 spaces and a 5,586-square-foot retail space.

Situated at 800 West Hovey Ave., the property is just .13 miles away from the campus of Illinois State University. The school recently welcomed its largest freshman class in 35 years in the Fall of 2022, increasing enrollment to over 20,000.

The JLL Capital Markets Investment Sales team was led by Managing Directors Scott Clifton and Teddy Leatherman, Director Kevin Kazlow, Associate Jack Goldberger and Analyst Grace Picchiotti.

“Illinois State University is one of the more attractive non-Power-5 student housing markets in the country, and investors are taking notice of its recent enrollment growth,” said Kazlow.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Blue Vista’s experienced professionals have proven track records, long-term industry relationships and expertise across a wide array of property sectors, investment types, real estate and capital markets, and investment management processes. Since the firm’s inception in 2002, Blue Vista has invested over $12.7 billion in total capitalized value through institutional real estate vehicles focused on U.S. and Canadian real estate strategies.

FPA Multifamily has marketplace credibility built on over three decades of investing in over 750 apartment buildings across the US. The firm has transacted on approximately $23 billion of apartments totaling 750 buildings in excess of 145,000 units and over 500 realized investments.