Asset recovery

Presby Hall

Owned by the McKinley Foundation, the 262-bed Presby Hall was scheduled to open as the University of Illinois' newest private certified residence hall in August 2008. With an ideal location two blocks from the Quad, an attractive suite-style living arrangement, and a certification as the first eco-friendly "green" building on campus, there was much to like about Presby. But when students finished their spring semester finals in May 2008, it was only 7% leased. With construction nowhere near completion, wary students were opting for other housing choices over Presby Hall, which simply had too many question marks as it was being presented.

Not willing to jeopardize its multimillion-dollar investment any longer, the McKinley Foundation personnel turned to Ramshaw Real Estate, hoping the experienced firm could help them out of their dire situation. In May, the Ramshaw team took over all property management and leasing duties. Ramshaw overhauled and simplified the lease rates and food plans, scrapped the old website and created a new one, and launched a full-scale marketing plan both online and off-line. At the same time, the firm met numerous times with McKinley's bankers, construction company, and board of directors, helping McKinley Foundation navigate the tricky waters that come with such a massive project.

And week after week, Ramshaw's leasing plan was paying off. The students' and parents' interest, enthusiasm, and confidence in Presby Hall grew quickly and steadily. The McKinley-Ramshaw team celebrated as they hit the 100-lease mark on June 18, then the 200-lease mark on July 28, and finally the 250-lease mark in mid-August. On August 21, Presby Hall was 95% full when it opened its doors to students.

To say Presby Hall's second leasing cycle was better than its first would be an understatement. Ramshaw received more than 500 applications to live at the 262-bed residence from upperclassmen alone, before incoming freshmen even began the housing process. Presby Hall is now positioned to be one of the university's cornerstone housing options for decades to come.