U of I-Ramshaw deal starts new era for Ashton Woods

CHAMPAIGN - With a new 259-unit apartment building under construction at the old Burnham Hospital site and a 110-unit building going up in Campustown, it would appear the University of Illinois housing options were only extending northward. But a less-publicized transaction on the south side of campus gives residents an additional geographic choice while remaining near the U of I.

Earlier this summer, the University of Illinois purchased the 156-unit, five-acre Ashton Woods apartment complex at 2221 South First Street, adjacent to the south end of the U of I Research Park.

"The Ashton Woods property was purchased from Ramshaw Real Estate to fulfill the Campus Master Plan objectives related to the expansion of the South Campus as approved by the Board of Trustees," according to Dennis McConaha, U of I Associate Director of Real Estate. "The plan is that the property will continue to be leased in the local student apartment market for the foreseeable future."

Once known as South First Manor, the property's name was changed when Ramshaw purchased it in 1996. A landmark acquisition for the Champaign-based real estate firm, Ashton Woods represented both a significant increase in its property management division's unit count as well as sizeable development challenges: numerous undesirable tenants and deferred maintenance issues.

"The sorry state of disrepair was epitomized by the unwholesome-looking, slime-covered swimming pool," said Alex Ruggieri, Ramshaw's vice president of brokerage services. "But the bones were there for a really first-rate property."

The need for a massive renovation spurred the hiring of Joe Phillips, who is still Ramshaw's vice president of development today. He headed up a $1 million-plus project that overhauled the property's interior, exterior, office, pool, roads, parking lots, and landscaping. The renovation paid immediate dividends, as U of I veterinary medicine and agriculture students moved in to enjoy the easy access to south campus.

Along with the changes being made to the property, the surrounding area was developing as well. The research park brought jobs to the immediate vicinity, and just to the south of Ashton Woods, Windsor Road emerged as a major thoroughfare across Champaign-Urbana's south end.

"The construction of Windsor Road changed everything," company president Jerry Ramshaw said. "It meant that Ashton Woods could then be marketed to a much larger and more diverse clientele. Because of the presence of the University of Illinois here, Champaign-Urbana has always had 'town-and-gown' demographic layers. The building of Windsor Road made it possible for us to attract high-quality residents from both potential markets."

Now, beginning with all new leases signed, Ashton Woods will exclusively serve U of I students, faculty, and staff, bringing the property even further from its pre-1996 state. Ramshaw Real Estate will continue to provide transitional leasing and management services for this new era of the complex.