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Muinzer Adds Purdue U. Student Housing in Off-Market Buy
JLL Capital Markets announced today that it has closed the sale of Village West, a recently-renovated, 1,134-bed student housing community serving students of Purdue University in West Lafayette, IN.
Scott Clifton and Stewart Hayes of JLL marketed the portfolio exclusively on behalf of the undisclosed seller. Separately, buyer Muinzer Management said it acquired the property for $48 million in an off-market deal.
Located at 2053 Willowbrook Dr., at the north end of campus near the intersection of Lindberg Road and US-52, Village West was constructed in 2001. The property recently underwent an extensive renovation program that included community and in-unit upgrades. It’s 98% occupied for the 2019-2020 academic year.
“Village West is exactly the asset we were looking for, with a tremendous existing management team, a strong sense of community and opportunities for sustained improvements over time,” said Marc Muinzer, founder and CEO of Muinzer.
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