Campus Realty Advisors has obtained $36 million in acquisition financing for The Monroe, a student apartment community at Indiana University in Bloomington, Ind. National mortgage banking company BWE secured the financing.
Located at 1150 S. Clarizz Boulevard, The Monroe is a 796-bed student housing property situated in one of the trio of purpose-built student housing submarkets that serve Indiana University. Due to its adjacency to several of Indiana University’s larger colleges, The Monroe is especially favored by students taking classes on the southeast portion of the university’s campus. Among those larger colleges is the Jacobs School of Music, which ranks second in the nation for performing arts.
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Apartments at The Monroe include full-size washers and dryers in every unit, fully-equipped kitchens, private bedrooms and bathrooms as well as community-wide WiFi. A 24-hour business center with iMacs and free printing is among the common-area amenities of the apartment community.
Record enrollment
With more than 10,200 students beginning studies at Indiana University this past fall, the university notched a record freshmen enrollment in 2022. This enrollment represents an increase from the record-breaking enrollment of 9,661 freshman students recorded in the academic year beginning in 2021. Fueled by robust growth in both undergraduate and graduate enrollment, the Bloomington purpose-built housing market has witnessed leasing velocity 10 percent higher vis-à-vis the previous year. That figure projects well for a market already 96.8 percent occupied.
After the planned unit enhancements, The Monroe’s rents will continue to be high value, when compared to purpose-built alternatives in the Indiana University market.
Campus Real Advisors was assisted by Senior Vice President Christopher Carroll and Analyst Max Miller of the Chicago office of BWE. Last month, an Indianapolis Market Report indicated the metro started 2023 on an upbeat note, with an unemployment rate of 2.8 percent, 60 basis points below the national average.
