University Commons

Property Highlights

  • Located One-Half a Mile from McKendree University
  • 30 Minutes from Downtown St. Louis
  • Large Average Unit Size (1,539 SF)
  • Excellent Mix of Two-, Three-, and Four-Bedrooms

The Opportunity

Berkadia is pleased to present the exclusive opportunity to purchase University Commons, a lender REO property. University Commons is located in Lebanon, Illinois, which is 25 miles east of Downtown St. Louis. Built in 2008, the property features 55 townhome-style apartment homes with an average size of 1,539 square feet.

 

The lender recently spent a significant amount of capital expenditures on roof replacement, drainage, regrading and exterior painting. University Commons is 100% occupied excluding two down units. The property is a 15 minute walk to McKendree University, a private liberal arts university and the oldest college in the state of Illinois with enrollment of approximately 3,000 students. McKendree University leases approximately 30% (16 units) of the units to students which is guaranteed rent to the Owner.

 

Scott Air Force Base and Mid-America Airport are located 10 minutes away from University Commons. Scott Air Force Base employs over 14,000 people and is the fourth largest employer in the St. Louis metro area. It generates an economic impact of $3 Billion annually.

 

Please do not disturb tenants or management. All tours must be scheduled through the Seller's representatives, Andrea Kendrick and Ken Aston.

PROPERTY DESCRIPTION

University Commons is a 55-unit, garden-style apartment community located in Lebanon, Illinois, approximately 25 miles east of downtown St. Louis, Missouri. † Built in 2008, the property consists of wood-frame constructed buildings featuring brick and wood-sided exteriors and pitched roofs with composition shingles.
Situated on 1.5 acres of land with 79,852 square feet of rentable space, University Commons contains a unit mix comprised of 16 two-bedroom units spanning 1,072 square feet each, 17 three-bedroom units measuring between 1,108 and 1,500 square feet, and 22 four-bedroom units ranging from 1,735 to 2,230 square feet, with an average unit size of 1,452 square feet.
The pet friendly property is beautifully landscaped with well-maintained grass areas, mature trees, and trimmed shrubs and bushes.

UNIT Amenities

  • Air Conditioner
  • Backsplashes*
  • Cable Ready
  • Ceiling Fan
  • Country Views*
  • Full-Size Basements*
  • Garages*
  • High Ceilings
  • Patio / Balcony
  • Stainless-Steel Appliances*
  • Washer / Dryer Hookup
  • Walk-In Closets
  • Washer / Dryer*
  • Window Coverings

 

*Select Units

COMMUNITY Amenities

  • 24-Hour Maintenance
  • Business Center
  • Clubhouse
  • Covered Parking
  • Drop Off Laundry Service
  • Green Building
  • Housekeeping
  • High Speed internet
  • Recycling

PROPERTY PHOTOS

LOCATION

102 Perryman Street
Lebanon, IL 62254

CONTACT US

Investment Advisors

ANDREA KENDRICK

Senior Director

314.984.5591

Andrea.Kendrick@berkadia.com

MO License #2007030450

KEN ASTON

Managing Director

314.984.5590

Ken.Aston@berkadia.com

MO License #2013008591

RALPH DEPASQUALE

Managing Director

312.845.8572

Ralph.DePasquale@berkadia.com

Financing

KEVIN KOZMINSKE

Senior Managing Director

626.584.6348

Kevin.Kozminske@berkadia.com

MICHAEL DUGGAN

Senior Director

314.984.5515

Michael.Duggan@berkadia.com

ST. LOUIS OFFICE

ST. LOUIS OFFICE

101 South Hanley, Suite 550

Clayton, MO 63105

314.984.5500 | Fax: 314.984.5579

Berkadia®, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.
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