Sale for The Flats at ISU arranged in Normal, Illinois

CHICAGO, Jun. 27, 2025 – JLL Capital Markets announced today that it has arranged the sale of The Flats at ISU, a 155-unit, 447-bed student housing community serving Illinois State University in Normal, Illinois.

JLL represented the seller, a joint venture between Campus Advantage and Heitman. The buyer was Jackson Dearborn Partners.

Completed between 2011 and 2014, The Flats at ISU offers a full unit mix ranging from studios to four-bedroom apartments, all featuring bed-bath parity. The property boasts modern interiors with LVT flooring, stone countertops, stainless steel appliances and mounted flat-panel HDTVs. Community amenities include an on-site management office, 24/7 fitness center, study spaces, tenant lounges and outdoor grilling areas.

The Flats at ISU occupies a premier location directly across from the Illinois State University campus, just a five-minute walk to the main quad and the State Farm Hall of Business. The property also features exceptional retail offerings, with Chipotle, Jersey Mike's and Sushi Primo on-site, and is adjacent to Potbelly, Noodles & Co. and Buffalo Wild Wings.

At 99% occupied for the 2024-2025 academic year, the property benefits from Illinois State University's record enrollment of 21,546 students, including its largest freshman class in 37 years. With only 9,845 purpose-built student beds serving the university, the market consistently achieves high-90% occupancy rates, positioning The Flats for continued strong leasing performance and rent growth.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Managing Director Scott Clifton, Director Kevin Kazlow and Associate Jack Goldberger.

“Illinois State is a very underrated student housing market. The Flats at ISU has demonstrated consistent performance and is well positioned to benefit from ISU’s growth and lack of housing. We expect ISU to continue to outperform many Power Four student housing markets,” said Kazlow.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Founded in 1966, Heitman LLC is a global real estate investment management firm with nearly $48 billion in assets under management as of March 31, 2025. Headquartered in Chicago with additional offices across North America, Europe and Asia-Pacific, Heitman serves a global client base through direct property investments, debt capitalization and real estate securities.

Campus Advantage® is a real estate investment management firm fostering financially prosperous, higher education student housing communities through its acquisition, property management, and revenue management services. Campus Advantage has also partnered to create Centricity, which serves the real estate industry through managed services including HR, Payroll, IT, insurance, risk management, and related services. Catalyst, another division of Campus Advantage, serves the industry as a premier marketing agency focused on brands and digital marketing. Since its founding in 2003, Campus Advantage has been creating successful communities that provide rewarding living, learning, and career experiences. The company’s asset acquisition and management strategies combined with its dedication to residence life and student development have made Campus Advantage one of the largest student housing and property management companies in the United States. We believe the Future Lives Here. Learn more at www.campusadv.com, www.centricityres.com, and www.thelyst.com.

Jackson Dearborn Partners is a Chicago-based real estate investment and development company specializing in multi-family and student housing projects that has positioned itself as an early adopter of Opportunity Zone Fund structures, successfully closing its Campustown Opportunity Zone Fund I in Spring 2019.