Blue Vista Capital Management has acquired a 206-unit property in West Lafayette, Ind., for an undisclosed sales price. The asset will house Purdue University students and faculty, as well as local professionals. The previous owner was Sheehan Development, according to Yardi Matrix data. The Wabash Landing Apartments will be managed by Blue Vista’s affiliate student housing management company, PeakMade Real Estate.
In 2017, the West Lafayette Redevelopment Commission permitted Sheehan, the owners of an underutilized parking garage, to redevelop the lot into student housing, according to Journal & Courier. A $14 million plan was put into effect, adding another 114 apartments to the preexisting 92-unit Wabash Landing. Phase two of the project was completed in 2019, while the original community was finished in 2001.
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Wabash Landing features studio, one- and two-bedroom units. According to Purdue University, units range from 436 to 1,224 square feet. Community amenities include a rooftop deck, fitness center and study room. Individual homes have walk-in closets and in-unit washers and dryers.
Located at 375 Brown St., the property is located along the Wabash River. Residents are in proximity to the university as well as restaurants, retail and transportation services to the West Lafayette area.
Purdue University is experiencing increased enrollment volume. Fall 2021 was the largest freshmen class the university has seen with more than 10,000 students. This represents an 8 percent increase from the prior year, upping the need for off-campus housing. By the end of July, the Wabash Landing Apartments had a 100 percent occupancy rate.
The acquisition of Wabash Landing is one of Blue Vista’s multiple student housing purchases this year. In June the firm bought three properties with 303 total units for students at Michigan State University. During the same month it also acquired a 671-bed project for George Tech in partnership with StepStone Real Estate. The expanding portfolio is geared towards Blue Vista’s commitment to developing residences and various property types in high growth student and professional areas.