UPDATE: LOOP Acquires 304 Multifamily Units in Urbana, IL
Loop Investments acquired two properties in Urbana, Il.
Parkside is 144 units and Stone Ridge Square is 160 units. The total purchase price was $19.5M and a Fannie Mae loan was secured for $15,950,000. The properties have been well maintained by the current long-term owner who also self-managed the communities
We are forecasting 10.3% ongoing COC, along with 14.4% IRR over a 10-year hold.