URBANA, IL—Monarch Investment and Management Group has purchased the 662-unit Town & Country Apartments from Axiom Properties Inc. from $34.5 million.

Scott Harris, a senior vice president with Marcus & Millichap Real Estate Investment Services, represented both the buyer and seller of the apartment complex, located on 30 acres at 1032 East Kerr Ave.

The property was constructed in five phases beginning in 1968 and ending in 2008. The unit mix features 412 one-bedroom/one-bath units, 234 two-bedroom/one-bath units and 16 two-bedroom/two-bath units. Community amenities include four swimming pools, a business center, a fitness center, a basketball court and tennis courts. The complex includes a 52-unit self-storage facility onsite.

“The Champaign/Urbana market has realized significant overall improvement in occupancy during the past two years and is poised for strong rental growth over the next several years,” says Harris in a statement.