WEST LAFAYETTE, IN - Muinzer, a fully integrated owner and operator of commercial and residential real estate, announced the acquisition of Village West Apartments near Purdue University in West Lafayette, IN for $48 Million. The asset is one of the largest student complexes in the nation, encompassing 1,134 student-housing beds underpinned by 20 acres of land.
The off-market purchase, which was acquired at a discount to replacement cost, marks the continued expansion of the Muinzer platform in the fundamentally strong Purdue University submarket.
"Village West is exactly the asset we were looking for, with a tremendous existing management team, a strong sense of community and opportunities for sustained improvements over time. Taken together, I am delighted with the near- and long-term prospects for Village West Apartments," said Marc Muinzer, Founder and CEO, Muinzer.
The transaction caps over $100 million of apartment acquisitions for Muinzer over the preceding twelve months. "We are actively seeking additional acquisitions throughout the Midwest," added Mr. Muinzer. "The Muinzer team, with over 40 professionals and decades of property management experience, will continue to provide superior customer service to all existing and future tenants."