NEWTOWN SQUARE, PA - GMH Capital Partners, L.P. and AGC Equity Partners announced the acquisition of The Dean, a 672-bed mixed-use student housing project in Champaign, Illinois, from Core Spaces . Construction of The Dean began in fall 2018 and was completed by the Seller in summer 2020.
The Dean is a 240,737-square-foot off-campus student housing community consisting of 17 stories, with ground floor retail anchored by Target and Jimmy John’s. The property is situated at the intersection of South Sixth and East Green Streets in Campustown, adjacent to the University of Illinois - Urbana Champaign campus and within walking distance to the area’s many bars and restaurants, as well as event venues such as State Farm Center and Memorial Stadium.
“The Dean fits seamlessly into GMH and AGC’s portfolio of student housing properties and grows our existing presence in Campustown,” said Gary M. Holloway Jr., President of GMH Capital Partners. “The Dean provides students who are ready to transition into apartment living with the perfect home away from home complete with modern amenities and convenient access to campus and retail. As the property’s new owner and manager, we look forward to getting to know our residents and providing them with an exceptional living experience despite these unique times we’re all experiencing.”
The Dean provides best-in-class student living, featuring spacious units that average 683 square feet and contain private bathrooms, stainless steel appliances, and modern finishes throughout. The Asset provides a market leading amenity package including multiple study lounges, fully-equipped fitness center, rooftop sundeck, pool, hot tub, and an outdoor lounge with a grilling area and built-in seating for entertaining.
GMH and AGC also own four additional properties located in Campustown including 908 S. First St., 501 S. Sixth St., 307 E. Daniel St., and 1008 S. Fourth St, which comprise 398 beds in total (collectively known as The Academy Campustown.
Source: GMH Capital Partners