CHICAGO, WEST LAFAYETTE, IN—Northbrook, Ill.-based Prime Property Investors (PPI) today announced the sale of a 25-building student housing portfolio near Purdue University, marking the firm's exit from the West Lafayette, Ind., market.

Acquired in a series of transactions beginning in 2005, for $32.8 million, the portfolio included 777 beds across 25 buildings, all within blocks of the Purdue campus. PPI sold the properties for $47.2 million, representing a 44 percent gain over the firm's initial investment.

"As one of the largest student housing operators in West Lafayette, we were regularly approached by investors that were interested in purchasing the portfolio, but we didn't feel the timing was right until now," said Barbara J. Gaffen, co-CEO of PPI. "In markets like West Lafayette where we've been able to capitalize on record or near-record pricing, we have strategically been selling off our student housing assets and redeploying that capital into other high-growth sectors – including multifamily and, most recently, healthcare – that will allow us to achieve attractive returns on behalf of our investors."