Healey Apartments

Champaign, IL

Healey Apartments

Green Street Realty took over the management of 56 & 58 E Healey on the University of Illinois campus in January of 2011. The 60 unit property was 70% occupied and filled with a challenging tenant base.  The rents were well below the market level for campus 1 bedroom apartments. We only renewed a handful of leases and began heavily marketing to students looking for Fall leases. By August 1st, 2011 we were 100% occupied for the school year, with every lease on 12 month leases and 95% U of I students. We were able to increase rents by an average of $100 per unit and fill all 48 parking spaces, which helped the property appraised for $750,000 more than purchase price. We filled all apartments for the 2012 academic year by August 10th.