CHICAGO, April 8, 2019 /PRNewswire/ -- Muinzer, a vertically integrated real estate investment and property management firm, together with South Street Capital, a real estate private equity firm, today announced the acquisition of a 528-bed student housing portfolio next to Purdue University in West Lafayette, IN for $33.5 million. The acquisition was successfully closed in 90 days in an all-cash transaction. The portfolio includes Waldron Square (621-645 Waldron Street), Settlement (515 W. Stadium Avenue) and Cedarwood (515-527 N. Grant Street), among other properties.
The apartment portfolio, which was acquired at a discount to replacement cost, marks the continued expansion of the Muinzer and South Street Capital student housing platform in the fundamentally strong Purdue University submarket. In 2018, Purdue University set school records for student enrollment, admission applications and alumni donations.
"This acquisition represents the best collection of real estate assets within walking distance of Purdue University," said Marc Muinzer, Founder of Muinzer and South Street Capital. "The portfolio valuation is underpinned by 5.35 acres of land next to the Purdue campus, which itself is in the midst of a multi-billion dollar expansion. We are pleased to increase our existing position as the largest property owner, property manager and landowner in West Lafayette. The Muinzer team, with over 100 years of combined property management experience, will continue to provide superior customer service to all existing and future tenants."
Muinzer is a vertically integrated real estate investment and property management firm with offices in West Lafayette and Chicago. The firm is a premier owner and property manager of commercial and residential real estate throughout the Midwest. Please visit www.muinzer.com for more information.
About South Street Capital:
South Street Capital is a real estate private equity firm headquartered in Chicago. The firm is an owner, operator and developer of commercial and residential real estate throughout the Midwest. The South Street Capital track record spans over 3 million square feet of acquisitions and ground-up developments in niche asset classes including student housing, creative office and urban retail.
South Street Capital
430 W. Erie Street, Suite #400
Chicago, IL 60654
SOURCE South Street Capital