JLL closes sale of Indiana student housing community
The 1,134-bed property serves students of Purdue University in West Lafayette
CHICAGO, February 6, 2020 – JLL Capital Markets announced today that it has closed the sale of Village West, a recently renovated, 1,134-bed student housing community serving students of Purdue University in West Lafayette, Indiana.
JLL marketed the portfolio exclusively on behalf of the undisclosed seller. The buyer, Muinzer Management, acquired the property for an undisclosed amount.
Village West is located at 2053 Willowbrook Drive at the north end of campus near the intersection of Lindberg Road and US-52. Originally constructed in 2001, the property recently underwent an extensive renovation program that included community and in-unit upgrades. Fully furnished units include a mix of two-, three- and four-bedroom configurations ranging from approximately 1,000 to 1,400 square feet. Community amenities include a resort-style pool, grilling areas, newly renovated clubhouse, state-of-the-art fitness center, two basketball courts, volleyball court, media lounge, dog park and private shuttle service to campus. The property is 98% occupied for the 2019-2020 academic year.
The JLL Capital Markets investment advisory team representing the seller included Directors Scott Clifton and Stewart Hayes.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Muinzer Management
Muinzer Management is a fully integrated real estate investment, development and property management firm with offices in West Lafayette and Chicago. The firm is a premier owner and operator of commercial and residential real estate throughout the Midwest. The Muinzer track record spans over four million square feet of acquisitions and ground-up developments in niche asset classes, including student housing, creative office and urban retail.