January 20, 2026
Fairlawn, a Champaign- and Chicago-based investment, management, and development firm, together with Chicago-based Promus Realty Properties, the direct real estate platform of Promus Capital Management, LLC, announced today a joint venture to deliver Mosaic, a highly anticipated 283-unit and 371-bed student housing community located at 401 S. Wright Street in one of the most exceptional locations adjacent to the University of Illinois Urbana-Champaign’s (UIUC) Engineering Campus. With site demolition complete and construction now underway, Mosaic will bring a modern, amenity-rich residential experience to the front door of one of the nation’s leading engineering programs. An architectural rendering of Mosaic is provided with this release, depicting the building’s Wright Street façade and main entrance from the intersection of Wright Street and Stoughton Street, looking southwest.
Mosaic will feature elevated amenities including a sky lounge, outdoor terrace, fitness center, collaboration and study areas, and a landscaped courtyard. The community will be professionally managed by Smile Student Living, Fairlawn’s best-in-class student housing affiliate known for delivering top-tier resident experiences throughout the UIUC market.
Fairlawn has engaged Mode 3 Architecture and Wells and Wells Construction for the design and construction of Mosaic. Both teams have delivered multiple successful student housing projects for Fairlawn at UIUC. Construction financing for Mosaic is provided by Wintrust Commercial Real Estate and Associated Bank.
“Mosaic builds on Fairlawn’s extensive development track record at the University of Illinois, which is not only one of the premier public universities in the country but home to one of the nation’s top engineering programs. Our team has delivered multiple successful projects adjacent to the campus, and we are proud to continue that momentum with a community that elevates the student experience while reflecting our standards of quality and care.”
Jason Barickman, Chief Investment Officer, Fairlawn
Fairlawn noted that its partnership with Promus reflects a shared commitment to UIUC and to delivering high-quality development that supports the long-term success of the campus community.
“We are excited to partner with Fairlawn on a thoughtfully designed project that aligns with our approach to long-term, high-quality real estate investing. Fairlawn’s experience and track record at the University of Illinois gives us confidence in the project’s execution, and we are pleased to join them in bringing Mosaic to life.”
Brett Moore Jr., Partner – Real Estate, Promus Capital Management
Why the Name “Mosaic”
The name Mosaic pays tribute to the groundbreaking Mosaic web browser developed at UIUC, the first widely adopted multimedia browser that helped shape the modern internet. That spirit of innovation reflects the project’s location next to UIUC’s renowned Engineering Campus. The name also speaks to the idea of a mosaic itself: distinct elements forming a unified whole. Mosaic brings together private residences, shared amenities, and the energy of the surrounding campus to create a vibrant and connected student community.
Project Highlights
- Joint venture between Fairlawn and Promus Realty Properties
- Located at 401 S. Wright Street, Champaign, IL on an approximately 1.5 acre site
- 283 units and 371 beds adjacent to UIUC’s Engineering Campus
- Construction has begun
- First student move-ins planned for August 2027
- Amenities include sky lounge, outdoor terrace, fitness center, study areas, and onsite management
- Professionally managed by Smile Student Living, Fairlawn’s student housing affiliate
- Designed by Mode 3 Architecture
- General contractor is Wells and Wells Construction
- Construction financing provided by Wintrust Commercial Real Estate and Associated Bank
About Fairlawn
Fairlawn is a vertically integrated multifamily real estate investment, management, and development firm based in Chicago and Champaign, IL, with roughly 5,750 units and $875 million in assets under management. More than 2,000 of these units – totaling over 4,000 beds – are dedicated to student housing, reflecting the company’s expertise in creating high-quality, amenity-rich communities for university markets. With ambitious plans for continued growth, Fairlawn is focused on expanding its portfolio across Illinois, Indiana, Kentucky, and other targeted Midwest markets. For additional information about Fairlawn, please visit Fairlawn.com.
About Smile
Smile Student Living is Fairlawn’s best-in-class student housing management affiliate, overseeing more than 4,000 beds strategically located near the University of Illinois Urbana-Champaign campus. Smile is recognized for its resident-first approach, operational excellence, and dedication to elevating the student living experience.
About Promus Capital Management
Promus Capital Management, LLC (“Promus Capital Management”) is a Chicago-based firm specializing in private equity and real estate strategies for qualified investors, family offices, and institutions. Building on decades of experience and more than $1.54 billion in assets under management (as of 9.30.2025), the firm provides access to differentiated private market opportunities through its Promus Realty Properties, Promus Realty, and Promus Access strategies. Promus Capital Management is a wholly owned subsidiary of Waverly Advisors, LLC, an investment adviser with approximately $29.9 billion in assets under management (as of 12.05.2025). Promus Capital Management, LLC is not registered as an investment adviser and delegates to Waverly Advisors, LLC all funds related investment advisory services, if any, that must be provided by a duly licensed investment adviser. Learn more at www.promuscapital.com.
