Purdue University Student Housing Portfolio Sells for $33.5 Million
April 10, 2019
WEST LAFAYETTE, Ind., April 10, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a 152-unit, 528-bed student housing portfolio in West Lafayette, Indiana to a joint venture between Muinzer and South Street Capital. The portfolio sold for $33.5 million, which equates to $220,395 per unit.
“Proximate to the Purdue University campus, these assets have served students for more than 30 years,” said Brent Silcox, first vice president investments in Marcus & Millichap’s Indianapolis office. “Historically, vacancy at the portfolio has been near zero percent and it was leased for the fall 2018 school year by the end of January 2018. The rapid lease-up reflects the stability of investment and reflects well upon the opportunity to add value and grow revenue.”
Silcox and Austin Meeker, associate, represented the seller, and procured the buyer. Constructed between 1983 and 1993, the portfolio consists of properties that are all located within walking distance to campus.