Student Housing Portfolio Near Purdue Commands $47.2M
- Jan 27, 2016
West Lafayette, Ind.—Prime Property Investors (PPI) recently announced the sale of a 25-building student housing portfolio near Purdue University. The portfolio from West Lafayette was sold for $47.2 million.
Located near the Purdue campus, the 777-bed student housing facilities were sold by PPI through 18 separate transactions, the last of which was completed in December 2015. Buyers included a combination of local, national and foreign investment groups.
The West Lafayette properties included a mix of studio, one-, two-, three- and four-bedroom apartments owned and managed by PPI. The buildings consistently operated at 100-percent occupancy throughout the company’s 10 years of ownership. Purdue’s West Lafayette campus had a fall 2015 enrollment in excess of 39,000 students.
“As one of the largest student housing operators in West Lafayette, we were regularly approached by investors that were interested in purchasing the portfolio, but we didn’t feel the timing was right until now,” said Barbara Gaffen, co-CEO of PPI. “In markets like West Lafayette where we’ve been able to capitalize on record or near-record pricing, we have strategically been selling off our student housing assets and redeploying that capital into other high-growth sectors—including multifamily and, most recently, healthcare—that will allow us to achieve attractive returns on behalf of our investors.”