South Street Capital and Muinzer Management have acquired a West Lafayette, Indiana-based 290-bed student housing portfolio near Purdue University. The price of the acquisition was $13.2 million. Included in the portfolio are five apartment buildings.
Chicago, IL (November 7, 2017) – South Street Capital, a privately controlled real estate development and investment firm, together with Muinzer Management, a fully integrated property management company, today announced the acquisition of a 290-bed student housing portfolio near Purdue University in West Lafayette, IN for $13.2 million. The portfolio consists of five adjacent apartment buildings located at 300 North Salisbury, 310 North Salisbury, 318 North Salisbury, 229 Littleton and 235 Littleton.
The off-market acquisition, which was acquired at a substantial discount to replacement cost, marks the continued expansion of the South Street Capital and Muinzer Management platform in the fundamentally strong Purdue University student housing rental market. South Street Capital spent eight months conducting due diligence and has identified multiple ways to create value and unlock the true potential of the portfolio.
“This off-market acquisition represents one of the best collections of physical assets near Purdue University,” said Marc Muinzer. “Furthermore, the apartment portfolio valuation is underpinned by a massive 110,000 square foot land site making it the single largest privately owned land assemblage within walking distance of the Purdue University campus, which itself is in the midst of a multi-billion dollar expansion. This acquisition adds to our position as the largest privately held landowner near Purdue and we are excited to apply our industry-leading value-added platform to this unique collection of properties. The Muinzer Management team, with nearly 60 years of combined property management experience, looks forward to offering superior customer service to all existing and future tenants.”
About South Street Capital:
Founded by Marc Muinzer in 2002, South Street Capital is a privately controlled real estate development and investment firm headquartered in Chicago. The firm is an owner, operator and developer of commercial and residential real estate throughout the Midwest. The South Street Capital track record spans over 1.5 million square feet of acquisitions and ground-up developments in niche asset classes including student housing, creative office and urban retail.
About Muinzer Management:
Muinzer Management is an affiliate of Chicago-based South Street Capital, a privately controlled real estate development and investment firm founded in 2002 by Marc Muinzer. With nearly two decades of experience, Muinzer Management is a premier owner, operator and property manager of commercial and residential real estate. Please visit www.muinzer.com for more information.