Student Housing Community Near Purdue Sells for $48M
- Feb 07, 2020
Muinzer has acquired Village West Apartments, a 1,134-bed student housing community close to Purdue University in West Lafayette, Ind. EMET Capital Management sold the property for $48 million in an off-market transaction, below replacement cost.
Additionally, public records show that OpenPath Investments was a joint venture partner in the acquisition. Village West Apartments last traded in 2016 when the seller acquired it from Citibank, according to Yardi Matrix.
Located at 2053 Willowbrook Drive on nearly 22 acres, the property was developed in 2000 and further extended in 2001. The campus comprises 13 three-story buildings and a total of 360 units. Amenities include a fitness center, volleyball and basketball courts, a swimming pool and a private shuttle to the community.
With this acquisition, Muinzer continues expanding its footprint in West Lafayette. Last year, the company acquired a 582-bed student housing portfolio for $33.5 million, also near Purdue University.
Village West Apartments is roughly 2 miles from the university’s main campus and approximately 3 miles from downtown West Lafayette. Several shopping and dining destinations are available within a 3-mile radius.