One of the properties acquired by Muinzer and South Street Capital is Waldron Square.
WEST LAFAYETTE, IN—In a deal that increases its student housing stock near Purdue University, Muinzer and partner South Street Capital have acquired a 528-bed student housing portfolio here for $33.5 million.
The all-cash transaction was closed in 90 days and includes Waldron Square (621-645 Waldron St.), Settlement (515 W. Stadium Ave.) and Cedarwood (515-527 N. Grant St.), among other properties.
The acquisition increased Muinzer and South Street's student housing offerings near Purdue University, which last year set school records for student enrollment, admission applications and alumni donations. The firms report that the properties were acquired at a discount to replacement costs.
“This acquisition represents the best collection of real estate assets within walking distance of Purdue University,” says Marc Muinzer, founder of Muinzer and South Street Capital. “The portfolio valuation is underpinned by 5.35 acres of land next to the Purdue campus, which itself is in the midst of a multi-billion-dollar expansion.”
Muinzer and South Street Capital have embarked on a major mixed-use development project on the corner of State Street and Northwestern Avenue in the heart of West Lafayette, a few blocks from the Purdue University campus.
The project, upon completion, will feature a nearly 12,000-square-foot Target store and 96 student beds. The development is scheduled to be completed by the start of the fall semester of Purdue, according to a report in the Journal & Courier.
Muinzer, a real estate investment and property management firm with offices in West Lafayette and Chicago, owns and manages commercial and residential real estate throughout the Midwest.
Chicago-based real estate private equity firm South Street Capital is an owner, operator and developer of commercial and residential real estate throughout the Midwest. South Street Capital has been involved in more than 3 million square feet of acquisitions and ground-up developments in niche asset classes including student housing, creative office and urban retail.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
