Muinzer has grown its ownership stake in Village West, a 1,134-bed student housing community in West Lafayette, Ind., adjacent to Purdue University. The firm reacquired the asset in a new partnership with T2 Capital Management.
Muinzer had initially bought the property back in 2020 for $48.4 million, in a joint venture with OpenPath Investments, according to Yardi Matrix data. The partnership had financed that purchase with a 10-year, $36.3 million Fannie Mae loan originated by Walker & Dunlop.
The current transaction allowed Muinzer to increase the ownership stake in Village West while also continuing to serve as its property manager. The asset was fully leased and preleased for August 2023 at the time of closing.
One of the largest student housing assets in the U.S.
Considered one of the largest student housing properties in the nation, Village West came online in phases between 2000 and 2001. The community comprises 13 buildings with two-, three- and four-bedroom floorplans ranging from 1,013 to 1,435 square feet. Amenities include a clubhouse, study center, media lounge, dog park and swimming pool, as well as basketball courts.
Located at 2053 Willowbrook Drive, the community is within 2.5 miles of the Purdue University campus and 2 miles from Ross-Ade Stadium. Downtown West Lafayette, as well as several retail, dining and entertainment options, are less than 4 miles away.
Muinzer plans to invest $1 billion in student housing properties near high-growth universities this year and in 2024, as the sector’s fundamentals are the strongest to have been seen in the past 20 years, COO Michael Snyder said in prepared remarks. Last February, the company purchased another West Lafayette community from Tailwind Group.
