Muinzer increases ownership in West Lafayette student housing
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West Lafayette-based real estate investment firm Muinzer has increased its ownership stake in what it calls one of the largest student-housing assets in the nation. The firm and its partner, Illinois-based T2 Capital Management, have acquired Village West near Purdue University.
Financial terms of the deal with Muinzer’s new partner are not being disclosed.
Muinzer originally acquired the complex in 2020 with a West Coast-based equity partner for $48 million. Founder Marc Muinzer told IIB the newly-announced acquisition allowed the original partner to successfully exit “with significant gains.”
“It also provided Muinzer with the opportunity to increase our ownership stake in Village West while continuing our onsite property management role,” Muinzer said in a news release. “We look forward to continuing to create value while providing superior customer service.”
Village West is a 1,134-bed student housing complex that sits on a 22-acre property. Muinzer said the complex is currently 100% leased and 100% pre-leased for August 2023.
Muinzer said the firm is currently hiring in West Lafayette as it expands its student housing portfolio.
Marc Muinzer is a graduate of Purdue University who began investing in student housing in 2002. He said the firm has successfully completed nearly $250 million in transactions this year.
In addition to West Lafayette, Muinzer also owns and operates properties in Knoxville, Tennessee near the University of Tennessee.
COO Michael Snyder added the firm looks to acquire an additional $1 billion in student-housing assets near high-growth universities over the next two years.