Village West, a West Lafayette, Ind., student housing community serving Purdue University students, has sold to Muinzer Management for $48 million.
The JLL Capital Markets investment advisory team, featuring Directors Scott Clifton and Stewart Hayes, marketed the property at 2053 Willowbrook Drive on behalf of seller EMET Capital Management. Last month, JLL assisted in the sale of Alta Blu, a North Carolina apartment community.
Situated near the intersection of Lindberg Road and U.S. 52 on the north end of campus, the 1,134-bed Village West property was built in two phases in 2000 and 2001. It features fully-furnished two- through four-bedroom floorplans ranging from 1,031 to 1,435 square feet in size. The residences provide private balconies or patios, semi-private entries, in-unit washers and dryers, above-standard ceiling heights and high-speed Internet access.
High occupancy level
As a result of a recently-completed comprehensive renovation program, the property now sports new in-unit upgrades as well as common-area enhancements. A newly-renovated clubhouse tops the amenity list.
Village West has achieved a 98 percent occupancy rate for this academic year.
Village West is within eight minutes of several shopping centers. These include Town Center, Sagamore Park Centre, Wal-Mart Super Center and the strip shopping center at 1550 Win Hentschel Boulevard.
Multiple natural and recreational amenities are located within a half mile to 7 miles of West Village. These include Celery Bog, Celery Bog Nature Area, Lilly Nature Center, Purdue University Horticulture Gardens, Imagination Station and Columbian Park Zoo. Kampen Golf Course and the Birck Boilermaker Golf Complex are also located nearby.