SAVOY, IL - A partnership between GMF Capital and Argo Partners has acquired Place at 117, a student housing property located in Savoy, IL. Place at 117 is a 192-unit, 588-bed apartment community located near the University of Illinois’ flagship campus, which boasts an enrollment of nearly 50,000 students.
Completed in 2001, the Property features two, three, and four-bedroom floor plans, all fully furnished with in-unit washer/dryers. Selected units feature patios and balconies. Amenities include a swimming pool and hot tub, clubhouse, 24-hour fitness and study centers, dog park, and direct shuttles to campus.
Prior ownership of Place at 117 spent nearly $1MM on common area renovations and other property improvements. The new partnership will continue to modernize the property and its amenities, making substantial technology upgrades throughout the complex and enhancing the property's exteriors as well as unit interiors.
Argo Partners, a New York City based investment firm, has been actively acquiring student housing properties since 2011.
"We are delighted to again invest alongside GMF and are excited to reinvigorate Place at 117,” commented Argo’s Matt Friend. “It is an asset with immense potential. We look forward to unlocking that potential and providing students with a best-in-class experience.”
GMF’s purchase of Place at 117 follows its acquisition earlier this month of a portfolio of student housing assets at the University of Illinois and Illinois State University. GMF specializes in value-add real estate investments and manages a growing portfolio of more than 60 multifamily and student housing properties.