R2 Companies and Concord Capital Partners have acquired the Bankier Portfolio at the University of Illinois. The portfolio that was amassed over 60 years by Leon Bankier and his family has been acquired by the joint venture in an off-market transaction.
The portfolio’s assets are primarily located along Green Street in Champaign’s Campustown subdistrict and include 35 properties, 580 residential units with 1,323 beds, over 80,000 square feet of retail and four assemblage sites prime for vertical development.
“Leon Bankier hand-picked each property in this portfolio during his long career as an investor,” said Matt Garrison, CEO of R2 Companies. “This is the epitome of a generational investment opportunity. Anyone who attended U of I understands that Green Street is the center of campus, and that the location and scale of our assets is irreplaceable.”
The University of Illinois Urbana-Champaign is a public land-grant research university in Illinois in the twin cities of Champaign and Urbana. Founded in 1867, It is the flagship institution of the University of Illinois system. Enrolling over 55,000 undergraduate and graduate students, the University of Illinois is one of the largest public universities by enrollment in the nation and ranked as a Top 15 Public University with the No. 6-ranked engineering program by U.S. News & World Report.
“As we continue to expand our investment platform, the acquisition of the Bankier Portfolio represents a unique opportunity to acquire a large-scale, impeccably maintained student housing portfolio situated within close proximity of a 55,000 student, Big-10, University campus,” said Reuben Robin, CEO of Concord Capital Partners. “The portfolio offers significant value-add potential and mark-to-market opportunity, given the Seller’s recent renovation campaign, U of I students’ return to campus, the ability to optimize operations through institutional-grade management implementations, and the various credit enhancement opportunities for the Green Street retail locations.”
This is the second acquisition between R2 Companies and Concord Capital Partners.
