Source: Muinzer / T2 Capital Management
WEST LAFAYETTE, IN - Muinzer, a privately held real estate investment firm founded by Marc Muinzer, alongside T2 Capital Management, announced the acquisition of Station 21 near Purdue University in West Lafayette, IN. The property totals 629 student housing beds underpinned by 20 acres of land.
Muinzer originally acquired the property via an off-market transaction in early 2022. Muinzer executed a full interior renovation of all units as well as an exterior renovation coupled with a rebranding of the asset. "Our transaction with T2 unlocks the value that we have created to date and allows our original institutional equity partner to successfully exit.
"Muinzer is excited to increase our ownership stake in Station 21 while continuing our onsite property management role," said Marc Muinzer, Founder and CEO of his namesake firm. "Even in an uncertain macroeconomic environment, we have successfully completed over $300 million of student housing acquisitions and dispositions thus far in 2023," added Mr. Muinzer.
Muinzer began investing in student housing in 2002 and is one of the largest owners in the Big Ten and SEC Conferences. "Student housing fundamentals are the strongest we have seen in the last 20 years. In 2023 and 2024 we are looking to expand our team and acquire an additional $1 billion of student housing assets near high-growth universities," added Michael Snyder, COO of Muinzer.