May 20, 2024

Housing Mba

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Muinzer increases its stake in a 1,134-Bed asset near Purdue

1 min read

Village West is the largest student housing community in the country.

Muinzer increased its ownership stake in Village West in West Lafayette, Ind. adjacent to Purdue University. The asset was reacquired in a new partnership between T2 Capital Management and the firm.

Yardi Matrix shows that Muinzer originally bought the property in 2020, for $48.4M, as part of a joint venture OpenPath Investments. The partnership had financed the purchase with a 10 year, $36.3 Million Fannie Maeloan that was originated by Walker & Dunlop.

Muinzer was able to continue to manage Village West as well as increase his ownership stake. At the time of closing, the asset was fully and preleased until August 2023.

The largest student housing asset in the U.S.

Village West, considered one of the nation’s largest student housing developments, was built in phases between 2000-2001. The 13-building community has floorplans with 2, 3, and 4 bedrooms ranging in size from 1,013 square feet to 1,435 sq. ft. The community has a study center, dog park, swimming pool, and a media lounge.

The community at 2053 Willowbrook Drive is located within 2.5 miles of Purdue University’s campus and just 2 miles away from Ross-Ade Stadium. The downtown West Lafayette area, including several dining, retail and entertainment options are all less than four miles away.

Michael Snyder, Muinzer’s COO, said that the sector has the strongest fundamentals in the last 20 years. In February of last year, Muinzer purchased another West Lafayette Community.

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