Barratt Asset Management has acquired Nantucket Cove Apartments, a 240-unit, 2006-built, class-A community, located in the Champaign-Urbana MSA, home to the University of Illinois. The market rate community is second to none in terms of quality, location, and amenities. Residents enjoy the resort-style swimming pool, yoga studio, full-size indoor basketball court, coffee bar, state-of-the-art fitness center, sand volleyball court, car care center, sundeck/grilling stations, and dog park. The seller, Mckinley, was represented by Berkadia Real Estate Advisors.
“It’s always exciting to move into a new market and in this case a new state,” explained Ivan Barratt, BAM Founder and CEO. “The team has been focused on Illinois for quite awhile and we couldn’t be more ecstatic to be adding such a great opportunity to our portfolio.”
“Even though the asset is already in a great position and newer, the team will take it to another level – starting with the unit interiors,” said Adam Ehret, BAM President and COO. “The $1.2m renovation includes: upgrades to flooring, lighting, faucets, hardware, and countertops. We are excited to see the transformation over the next 18-24 months.”