Student Housing Portfolio Near Purdue Trades for $34M
- Apr 09, 2019
A joint venture between Muinzer and South Street Capital has acquired a 528-bed student housing portfolio near Purdue University in West Lafayette, Ind., for $33.5 million. The seller was Cochran Apartments.
The portfolio, which closed in an all-cash transaction, includes Waldron Square, a student housing community offering a mix of one- and four-bedroom units located at 621-645 Waldron St.; Settlement, a community with a mix of three- and four-bedroom units located at 515 W. Stadium Ave. and Cedarwood, a community featuring a mix of three- and four-bedroom units located at 515-527 N. Grant St.
Marc Muinzer, founder of Muinzer & South Street Capital, told Multi-Housing News the joint venture plans to renovate select units within the portfolio with new bathrooms and kitchens. Muinzer added that the student housing market in the Purdue University area has been bolstered by the $1 billion Discovery Park District development currently underway on the west side of the college campus.
“For our existing close-to-campus product, this was the 17th year in a row that we achieved 100 percent occupancy,” Muinzer told MHN. “Our existing product is also already 98 percent pre-leased for the 2019-2020 school year.”
Muinzer and South Street Capital have teamed up near Purdue before. In November of 2017, the firms partnered to acquire a 290-bed portfolio near the university, in a $13.2 million deal.