The Flats at ISU: Student Housing Sold to Jackson Dearborn Partners
Deal News | Jul 03, 2025 | Jackson Dearborn Partners
Jackson Dearborn Partners has acquired The Flats at ISU, a prominent student housing complex situated near Illinois State University in Normal, Illinois. The property, encompassing 155 units and 447 beds, was sold by a joint venture between Campus Advantage and Heitman, facilitated by JLL Capital Markets. Completed between 2011 and 2014, the housing community offers a variety of luxury accommodations with modern amenities like LVT flooring and stainless steel appliances. Besides residential units, the community provides tenants with comprehensive services such as a fitness center and study spaces. Located just across the university campus, the development benefits from a high-occupancy rate owing to the rising student enrollment at Illinois State University. With a 99% occupancy rate for the upcoming academic year, the acquisition positions Jackson Dearborn Partners to capitalize on the tight student housing market in the area. The deal was led by JLL Capital Markets' senior leadership, including Managing Director Scott Clifton.
Sectors
- Real Estate
- Investment Management
- Higher Education
Geography
- United States – The transaction took place in Normal, Illinois, where The Flats at ISU is located, thus directly involving the United States geography.
- Illinois – The property's close proximity to Illinois State University and its location in Normal make Illinois a significant geographic reference point for the article.
Industry
- Real Estate – The article focuses on the sale of a real estate property, specifically a student housing community, which falls under the Real Estate industry.
- Investment Management – Jackson Dearborn Partners is a private equity firm, and the transaction exemplifies its role in investment management within the arena of real estate.
- Higher Education – The property serves the student population of Illinois State University, making the Higher Education sector relevant to the transaction.
Financials
- Not disclosed – The financial terms of the sale were not disclosed in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Jackson Dearborn Partners | Buyer | Company | A private equity firm that acquired The Flats at ISU. |
| Campus Advantage | Seller (Joint Venture Partner) | Company | Part of the joint venture that sold the student housing property. |
| Heitman | Seller (Joint Venture Partner) | Company | Part of the joint venture alongside Campus Advantage selling the property. |
| JLL Capital Markets | Legal and Financial Advisor | Company | Facilitated the sale transaction, representing the seller. |
| Scott Clifton | Managing Director, JLL Capital Markets | Person | Led the team at JLL overseeing the sales process. |
| Kevin Kazlow | Director, JLL Capital Markets | Person | Part of the JLL team involved in the transaction. |
| Jack Goldberger | Associate, JLL Capital Markets | Person | Supported the JLL team managing the sale. |