WEST LAFAYETTE, IN - GMH Communities, a vertically integrated real estate company specializing in the acquisition, development and management of exceptional living communities throughout the United States, and Invesco Real Estate, the $86 billion global real estate investment platform of Invesco Ltd., announced the acquisition of Grant Street Station and South Street Station in West Lafayette, Indiana. Randall Calvert of TSB Realty served as exclusive sales broker for the transaction. The two-property portfolio includes 176 units and 364 beds serving Purdue University.
"Grant Street Station and South Street Station are exactly the type of communities we look for as we continue to grow our student housing portfolio," said Gary Holloway Jr., Chief Executive Officer and President of GMH Communities. "Their exceptional location, quality and strong competitive positioning make this an exciting opportunity for GMH and our partners."
"What stood out to us was the relative value of these assets," said Scott Hirshman, Vice President of Acquisitions for GMH Communities. "Rents remain meaningfully below newer pedestrian properties, offering residents an attractive value proposition without sacrificing location, as the property provides comparable access to campus and surrounding amenities. This combination of location and affordability supports durable occupancy and provides continued runway for rental growth."
The acquisition builds on GMH's extensive experience investing in and operating student housing nationwide as the company continues to pursue opportunities in markets with strong demand fundamentals.
"We're pleased to partner with GMH Communities on this transaction and invest in a market with compelling long-term fundamentals," said Jay Hurley, Managing Director, Acquisitions, Invesco Real Estate. "Student housing remains a high-conviction sector for Invesco Real Estate, and this investment aligns with our focus of targeting well-located assets supported by strong fundamentals, durable demand drivers and opportunities to create value through disciplined ownership."
Built in 2014, Grant Street Station and South Street Station are located just steps from campus, with Grant Street Station approximately 0.1 miles away and South Street Station approximately 0.2 miles away.