Muinzer acquires more student housing properties near Purdue
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A real estate investment firm founded by a Purdue University alum has acquired a pair of student housing complexes next to the campus.
West Lafayette-based Muinzer on Friday announced the acquisition of Grant Street Station and South Street Station for a total of $46 million.
The properties, which mark only the latest student housing acquisitions by Muinzer, total 362 beds and are 99% pre-leased for the August 2024 school year, the company said in a news release.
“We will continue to acquire student housing communities in the top university markets. I’m very proud of the Muinzer team for executing on yet another acquisition next to my alma mater, Purdue University,” founder and CEO Marc Muinzer said in the release “The combination of our access to capital and our veteran student housing management team gives us a significant runway to continue acquiring.”
Last year the company acquired the 629-bed Station 21 near the West Lafayette campus.
In 2020, Muinzer acquired the 1,134-bed Village West near campus for $48 million, Inside INdiana Business reported.
The acquisition of Grant Street Station and South Street Station was made in partnership with an affiliate of Chicago-based Walton Street Capital LLC. Muinzer plans to operate and manage the two properties as is.
The recent purchase caps more than $250 million of student housing acquisitions in the past 12 months, the company said.
“We have long-term conviction in student housing and are actively deploying capital towards our goal of acquiring an additional $2 billion of student housing communities near high-growth universities,” Muinzer COO Michael Snyder said.
Founded in 2002, Muinzer is one of the largest owners and operators of student housing in the Big Ten and SEC conferences, the news release said.