Purdue University student housing community secures acquisition financing
JLL Capital Markets arranged the acquisition financing of the 85-unit / 290-bed Salisbury Campus Apartments in West Lafayette, Indiana
LOS ANGELES, March 15, 2024 – JLL Capital Markets announced today that it closed acquisition financing for the Salisbury Campus Apartments, a five-building, 85-unit / 290-bed student housing community located just off the campus of Purdue University in West Lafayette, Indiana.
JLL represented the borrower, Champion Real Estate Company, to secure the acquisition financing through a non-recourse bridge lender.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jeff Sause, Managing Director Brian Halpern, Associate Josh Blank and Analyst Ellie Conway.
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. Champion will execute a value-add business plan and deliver a rebranded asset, Victory on Salisbury, in 2025.
“This opportunity checked all the boxes, and the Champion team is going to do a great job transforming this asset,” said Sause. “We greatly appreciate the efforts of all parties involved, including the JLL Capital Markets Investment Sales and Advisory team led by Scott Clifton and Kevin Kazlow, to execute in today’s environment.”
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.
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 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.