Campus Realty Advisors receives $36M for acquisition financing
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BWE’s Chicago office assisted the investor in funding the purchase of a student accommodation facility that serves the Indiana University Bloomington campus.
Campus Realty Advisors obtained $36 Million in acquisition financing for The Monroe. This is a student housing community located at Indiana University, Bloomington, Ind. The financing was provided by national mortgage banking company BWE.
The Monroe, located at 1150 S. Clarizz Boulevard in Indianapolis, is a student housing complex with 796 beds. It’s part of a trio of student housing submarkets built specifically for Indiana University. The Monroe is a popular choice for students who take classes in the southeast part of Indiana University. This is due to its proximity to many of Indiana University’s largest colleges. Jacobs School of Music is one of the larger colleges, and it ranks second nationally for performing arts.
The Monroe apartments include full-size washing machines and dryers for every unit. They also have fully equipped kitchens, bathrooms and bedrooms, as well as WiFi throughout the community. Apartments at The Monroe include a 24-hour business centre with iMacs, free printing and other amenities.
Record enrollment
Indiana University set a new record for freshmen enrollment this fall with more than 10,000 students. This is an increase over the 9,661 freshmen students who enrolled in the academic year that began in 2021, which was a record. The Bloomington housing market, which is primarily purpose-built, has seen a 10 percent increase in leasing compared to the previous year. This growth was fueled by a robust growth of both undergraduate and graduate students. This figure is impressive for a market that’s already 96.8 per cent occupied.
The Monroe will still have high rents after the planned unit improvements, compared to other purpose-built options in the Indiana University Market.
Campus Real Advisors received assistance from Senior Vice President Christopher Carroll, and Analyst Max Miller at the Chicago office BWE. An Indianapolis Market Report published last month indicated that the metro began 2023 with a positive note. The unemployment rates were 2.8 percent and 60 basis points lower than the national average.
