• 71-Bed student housing property located near eastern Illinois university in Charleston, IL
  • Value Add Opportunity Through Renovations & Lease Up of Vacant Beds
  • Underground Parking Lot
  • Free & Clear of Existing Financing

Royal Heights is a 24-Unit student housing apartment property a short 1 minute walk to the heart of the Eastern Illinois Campus. The unit mix consist of all 23 Three Bedroom One and a Half Bathroom Units and 1 Two Bedroom 1 Bathroom Unit along with an onsite leasing office. The property sits atop a basement level parking deck sufficient for tenants to enjoy off-street parking.

The property’s value add plan involves light interior upgrades that will continue to drive occupancy. New Kitchen Packages with Appliances have been installed throughout the property, Further improvements will include new flooring and bathroom vanities as an easy value add. Eastern Illinois is enjoying a market recovery. This along with new financing will allow the next owner to enjoy strong going in cash-flow with significant future upside.

Eastern Illinois University

In the midst of the COVID-19 pandemic, Eastern Illinois University was able to grow enrollment by a total of 10.50% in fall 2020, continuing a trend of enrollment growth that now stretches back to fall 2018.

Eastern prepares more undergraduates who go on to earn doctoral degrees than any other master's college/university in Illinois, according to a recent National Science Foundation survey. In addition to ranking first in the state, EIU ranks in the top 5 percent nationwide.

EIU can trace its roots back to 1895, when it was established as Eastern Illinois State Normal School. The college gradually expanded into a comprehensive university with a broad curriculum.

Eastern Illinois’ student athletes are known as the Panthers and compete as members of the Ohio Valley Conference in 18 men’s and women’s varsity sports. A number of Panthers have gone on to achieve success as professional athletes, including former NFL coach and three-time Super Bowl champion, Mike Shanahan.

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Royal Heights

CHARLESTON, IL

Price  |  $1,600,000

Beds  |  71

Square Ft.  |  23,800

Year Built  |  1989


BROKER CONTACT
SHAUN BUSS
O: 312.878.7361
C: 312.399.9221
sbuss@triadrepartners.com