Muinzer-South Street Buy 528-Bed Student Housing Portfolio Near Purdue
The all-cash transaction was closed in 90 days and includes Waldron Square (621-645 Waldron St.), Settlement (515 W. Stadium Ave.) and Cedarwood (515-527 N. Grant St.), among other properties.
WEST LAFAYETTE, IN—In a deal that increases its student housing stock near Purdue University, Muinzer and partner South Street Capital have acquired a 528-bed student housing portfolio here for $33.5 million.
The all-cash transaction was closed in 90 days and includes Waldron Square (621-645 Waldron St.), Settlement (515 W. Stadium Ave.) and Cedarwood (515-527 N. Grant St.), among other properties.
The acquisition increased Muinzer and South Street’s student housing offerings near Purdue University, which last year set school records for student enrollment, admission applications and alumni donations. The firms report that the properties were acquired at a discount to replacement costs.
“This acquisition represents the best collection of real estate assets within walking distance of Purdue University,” says Marc Muinzer, founder of Muinzer and South Street Capital. “The portfolio valuation is underpinned by 5.35 acres of land next to the Purdue campus, which itself is in the midst of a multi-billion-dollar expansion.”
Muinzer and South Street Capital have embarked on a major mixed-use development project on the corner of State Street and Northwestern Avenue in the heart of West Lafayette, a few blocks from the Purdue University campus.
The project, upon completion, will feature a nearly 12,000-square-foot Target store and 96 student beds. The development is scheduled to be completed by the start of the fall semester of Purdue, according to a report in the Journal & Courier.
Muinzer, a real estate investment and property management firm with offices in West Lafayette and Chicago, owns and manages commercial and residential real estate throughout the Midwest.
Chicago-based real estate private equity firm South Street Capital is an owner, operator and developer of commercial and residential real estate throughout the Midwest. South Street Capital has been involved in more than 3 million square feet of acquisitions and ground-up developments in niche asset classes including student housing, creative office and urban retail.