Muinzer Buys Four Properties, Including OZ Site Near Purdue University
Muinzer and T2 Capital Management are preparing to launch a Qualified Opportunity Zone Fund in the second half of 2019.
WEST LAFAYETTE, IN—Locally-based Muinzer has acquired four properties near Purdue University, including one development site located in an Opportunity Zone.
The real estate investment firm, which has offices in Chicago and West Lafayette, has acquired two student apartment buildings at 414 Vine St. and 422 Vine St. in West Lafayette for $2.6 million.
Muinzer also announced the acquisition of 400 Main St., a former Salin Bank branch location, and 400 Ferry St., an Opportunity Zone development site, both located in Lafayette.
“These off-market acquisitions represent a natural expansion of our platform near Purdue University,” says Marc Muinzer, founder of both Muinzer and its affiliate, Chicago-based South Street Capital. “It demonstrates our ability to source high-quality property investments at favorable values in submarkets near global demand drivers. We are seeking to make additional purchases that expand our existing position as the largest apartment owner and land owner near Purdue.”
The deal follows up the company’s expansion of its Purdue student-housing holdings this past spring. In April, Muinzer, together with South Street Capital, acquired a 528-bed student housing portfolio next to Purdue University in West Lafayette for $33.5 million. The acquisition was successfully closed in 90 days in an all-cash transaction. The portfolio included Waldron Square (621-645 Waldron St.), Settlement (515 W. Stadium Ave.) and Cedarwood (515-527 N. Grant St.), among other properties.
“We are also pleased to acquire 400 Ferry Street, which adds to our Opportunity Zone land holdings in downtown Lafayette,” adds Muinzer. “The Opportunity Zone initiative should further accelerate the growth and expansion of this submarket.”
Muinzer and T2 Capital Management are preparing to launch a Qualified Opportunity Zone Fund in the second half of 2019. The fund will focus on ground-up developments and redevelopments near engineering, aerospace and technology-based education centers and regional innovation hubs. Muinzer and T2 have been joint venture partners on multiple projects on and around the Purdue campus since 2010.