South Street Capital JV Buys IN Student Housing Portfolio
The 290-bed portfolio consists of five adjacent buildings near Purdue University. The communities are close to major locations including Chauney Mall, West Lafayette Public Library and Northwestern Avenue.
By Adina Marcut
A joint venture between South Street Capital and Muinzer Management—an affiliate of Chicago-based South Street Capital—purchased a $13.2 million, 290-bed student housing portfolio near Purdue University in West Lafayette, Ind.
The portfolio includes five adjacent buildings and the properties are close to points of interest including Chauney Mall, West Lafayette Public Library and Northwestern Avenue.
Located at 300 N. Salisbury St., at the intersection of N. Salisbury and North streets, the first building offers three- and four-bedroom units and features amenities such as on-site laundry, parking spaces, dishwasher and air conditioning.
The 310 N. Salisbury St. property offers four-bedroom units and features amenities such as air conditioning, dishwasher, balcony, parking spaces and deck.
The building at 318 N. Salisbury St. encompasses two-, three- and four-bedroom units ranging in size from 606 to 913 square feet. The pet-friendly property features common area amenities such as on-site laundry, parking spaces, dishwasher, air conditioning, in unit washer/dryers and balcony.
Located at 229 Littleton St., the portfolio’s fourth building offers a mix of studios, two- and four-bedroom units ranging in size from 200 to 1,100 square feet. Common-area amenities include on-site laundry, parking spaces, dishwasher, balcony and garbage disposal.
The community located at 232 Littleton St. offers three-bedroom units featuring common area amenities such as on-site laundry, parking spaces, air conditioning, dishwasher, balcony and garbage disposal.
“The apartment portfolio valuation is underpinned by a massive 110,000-square-foot land site making it the single largest privately-owned land assemblage within walking distance of the Purdue University campus, which itself is in the midst of a multi-billion-dollar expansion,” Marc Muinzer said in a statement. “This acquisition adds to our position as the largest privately held landowner near Purdue and we are excited to apply our industry-leading value-added platform to this unique collection of properties.”
Image via Google Street View
