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 autumn 2018 and was completed by the seller in summer 2020.
The Dean is an off-campus, 240,737-square-foot, 17-story student housing community. The first floor retail is anchored by Target and Jimmy Johns. Located at the intersection of South Sixth and East Green Streets in Campustown, the property is adjacent to the University of Illinois – Urbana Champaign campus and within walking distance of the area's many bars and restaurants, as well as venues such as the State Farm Center and Memorial Stadium.
"The Dean fits seamlessly into GMH and AGC's student housing portfolio and expands our existing presence in Campustown," said Gary M. Holloway Jr., President of GMH Capital Partners. “The Dean offers students ready to move into an apartment the perfect home away from home with modern amenities and convenient access to campus and retail. As the new owner and manager of the property, we look forward to getting to know our residents and offering them an exceptional feeling of living despite these unique times that we all experience. "
The Dean offers world-class student living with spacious units averaging 683 square feet with en-suite bathrooms, stainless steel appliances and modern finishes. The Asset offers a market-leading package of amenities with multiple study rooms, a fully equipped fitness center, a rooftop sundeck, a pool, a hot tub and an outdoor lounge with a BBQ area and built-in seating for entertainment.
GMH and AGC also own four other properties in Campustown, including 908 S. First St., 501 S. Sixth St., 307 E. Daniel St., and 1008 S. Fourth St, totaling 398 beds (collectively known as The Academy Campustown.
Source: GMH Capital Partners