Purdue University student housing community trades
JLL Capital Markets advised on the sale of the 85-unit / 290-bed Salisbury Campus Apartments in West Lafayette, Indiana
CHICAGO, March 13, 2024 – JLL Capital Markets announced today that it closed the sale of Salisbury Campus Apartments, a five-building, 85-unit / 290-bed student housing community located near the campus of Purdue University in West Lafayette, Indiana.
JLL represented the seller, Muinzer, and Champion Real Estate Company acquired the properties.
Built from 1983 to 1990, the Salisbury Campus Apartments offer a mix of floorplans, ranging from studio, two-bedroom, three-bedroom and four-bedroom units.
Situated at 300 N. Salisbury, 310 N. Salisbury, 229 Littleton, 235 Littleton and 318 N. Salisbury, the Salisbury Campus Apartments are located just 0.25 miles from the campus of Purdue University. The Tier-1, Power Five university boasts a Fall 2023 enrollment of 52,211 students, a 3% increase from the previous academic year, as well as an offering of over 6,700 courses and 200 specializations. In addition to proximity to campus, residents also benefit from being steps away from in-demand retailers, such as Target, Chipotle, Chauncey Hill Mall and more.
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Scott Clifton and Teddy Leatherman, Director Kevin Kazlow, Associate Jack Goldberger and Analyst Grace Picchiotti.
“The student housing fundamentals at Purdue University are among the strongest in the nation, and this transaction highlights the tremendous liquidity available for value-add student housing assets that are proximate to flagship institutions. We’re excited to see Champion execute on their proven business plan over the coming years. Go Boilermakers!” said Clifton.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Muinzer
Established in 2002 by Marc Muinzer, Muinzer is a student housing focused real estate investment firm based in West Lafayette, IN. With over 20 years of experience, the Company has consistently generated strong risk-adjusted returns for its institutional partners and private investors. Muinzer’s hands-on management prioritizes customer service and resident experience. As of 2024, the Company operates or manages more than 5,000 beds and has $500+ million AUM.
About Champion Real Estate Company
Los Angeles-based Champion Real Estate Company was founded in 1987 and has consistently achieved annual above-market returns by identifying and maximizing niche opportunities before its competitors. The Company specializes in value-add investment and development in urban infill areas. To date, Champion has invested over $2 billion and achieved a cumulative compounded investor return of 20% since 1996.