Muinzer Acquires Four Properties Near Purdue University, Adds to Opportunity Zone Holdings
CHICAGO, July 18, 2019 /PRNewswire/ -- Muinzer, a vertically integrated real estate investment firm with offices in Chicago and West Lafayette, today announced the acquisition of four assets near Purdue University. The acquisitions include campus adjacent student-housing apartment buildings located at 414 Vine Street and 422 Vine Street in West Lafayette, IN for $2.6 million. Muinzer also announced the acquisition of 400 Main Street, a former Salin Bank branch location, and 400 Ferry Street, an Opportunity Zone development site, both located in Lafayette, IN.
"These off-market acquisitions represent a natural expansion of our platform near Purdue University," said Marc Muinzer, founder of both Muinzer and its affiliate, Chicago-based South Street Capital. "It demonstrates our ability to source high-quality property investments at favorable values in submarkets near global demand drivers. We are seeking to make additional purchases that expand our existing position as the largest apartment owner and land owner near Purdue."
"We are also pleased to acquire 400 Ferry Street, which adds to our Opportunity Zone land holdings in downtown Lafayette," added Marc Muinzer. "The Opportunity Zone initiative should further accelerate the growth and expansion of this submarket." Muinzer and T2 Capital Management are preparing to launch a Qualified Opportunity Zone Fund in the second half of 2019. The fund will focus on ground-up developments and redevelopments near engineering, aerospace and technology based education centers and regional innovation hubs. Muinzer and T2 have been joint venture partners on multiple projects on and around the Purdue campus since 2010.
Opportunity Zones represent a provision of the Tax Cuts and Jobs Act of 2017. Investments in Opportunity Zones provide potential tax benefits including the deferral of current capital gains, tax deductions on current gains and no capital gains on appreciation if the investment is held for 10 years. Investors can use capital-gains proceeds from any asset class, not just real estate, to capture these potential benefits. In Q4 2018, Muinzer completed its first Opportunity Zone development site acquisition by purchasing 53 S. 2nd Street in Lafayette, IN.
About Muinzer:
Muinzer is a vertically integrated real estate investment, property management and development firm with offices in Chicago and West Lafayette. The firm is a premier owner of commercial and residential real estate throughout the Midwest. Please visit www.muinzer.com for more information.
About T2 Capital Management:
T2 Capital Management is an opportunistic, privately held real estate investment firm based in Chicago. Since its founding in 2011, T2 has invested $600+ million across the entire capital stack and among virtually all property types. The firm has created a niche in swiftly executing investments of $1-15 million on properties that require a total capitalization of $2-50 million. Please visit www.t2investments.com for additional information.
Contact:
Muinzer Management
220 South Street, Suite #201
West Lafayette, IN 47906
Email: [email protected]
Call or Text: 765-505-4000
SOURCE Muinzer
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