April 9, 2019
Muinzer and South Street Capital have acquired a 528-bed student housing portfolio next to Purdue University in West Lafayette, IN for $33.5 million. The acquisition closed in 90 days in an all-cash transaction.
The portfolio includes Waldron Square, Settlement and Cedarwood, among other properties. It was acquired at a discount to replacement cost. It marks the continued expansion of the Muinzer and South Street Capital student housing platform in the fundamentally strong Purdue submarket.
“This acquisition represents the best collection of real estate assets within walking distance of Purdue University,” said 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 multibillion-dollar expansion,” Muinzer added. “We are pleased to increase our existing position as the largest property owner, property manager and landowner in West Lafayette.”
Pictured: Waldron Square
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