WEST LAFAYETTE, IN - Muinzer, a fully integrated real estate investment firm founded by Marc Muinzer, announced the off-market acquisition of The Quarters near Purdue University in West Lafayette, IN. The 629-bed student housing community is 100% leased and underpinned by 24 acres of land. The asset will be rebranded and renamed Station 21.
The purchase, which was acquired at a discount to replacement cost, further expands Muinzer's position as the largest owner of student housing near Purdue University.
"The acquisition of The Quarters is a logical addition to our portfolio. With Purdue's enrollment approaching 50,000 students, we are looking to acquire significantly more apartments in West Lafayette," said Marc Muinzer, Founder and CEO, Muinzer.
The transaction also marks the continued nationwide expansion of the Muinzer student housing platform.
"We are aiming to double the size of our team while targeting an additional $500 million of acquisitions near rapidly expanding universities in the Big Ten and SEC," added Mr. Muinzer.