Student housing complex at Purdue acquired
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A Los Angeles-based real estate investment company has acquired a five-building student housing complex near Purdue University.
Champion Real Estate Co. paid an undisclosed amount for Salisbury Campus Apartments, which encompasses 85 units and 290 beds, according to a news release. Three of the buildings are in the 300 block Salisbury Street and the other two buildings are in the 200 block of Littleton Street.
The seller was SW Owner LLC, which was based in Chicago when the company organized in 2017, according to Indiana business records.
Champion said in its news release that it plans to renovate the property once the master lease with Purdue University expires in 2025. Upgrades will include vinyl plank flooring, quartz countertops and stainless steel appliances, and each bedroom will have a television and soundbar.
The complex will be renamed Victory on Salisbury, and units will be rented by the bedroom. The news release did not indicate the expected cost of rent.
“Occupancy and demand have never been greater at student housing communities that support premier educational institutions like Purdue University,” Executive Vice President Garrett Champion said in the news release. “We will continue to make strategic student housing acquisitions at Tier 1 universities with supply constraints and strong fundamentals.”
Champion Real Estate operates student housing complexes at the University of Southern California, Cal State Fullerton, San Diego State University, the University of Washington, Michigan State University, Syracuse University and Wake Forest University. The company also invests in retail, office and mixed-use projects among other real estate opportunities.