Muinzer acquires West Lafayette student community

Districts. Image courtesy of Muinzer

Muinzer expanded its student housing portfolio with the acquisition of The Quarters, a 629-bed community in West Lafayette, Ind. Tailwind Group sold the asset after nearly five years of ownership, according to Yardi Matrix data. Muinzer plans to rebrand and rebrand the community as Station 21.

Completed in 2003, the property features 222 units, offering a mix of one-, two-, three-, and four-bedroom floor plans, averaging 1,249 square feet, with washers and dryers and high-speed Internet. Common facilities include a fitness center, business center, community hall, volleyball and basketball court, swimming pool, and 350 parking spaces.

Located at 2110 McCormick Road, The Quarters is within 3 miles of Purdue University and surrounding areas including Ross-Ade Stadium, Mackey Arena and France A. Cordova Recreational Sports Center. . Downtown Lafayette is 4 miles from the community.

Purdue University is one of three best establishments with the highest annual growth in November 2021, reaching 43.3%. With enrollment growth of 2.5% and annual rental growth of 7.6% as of December 2021, the university maintains its strong fundamentals. Currently, there are 12 dedicated student housing communities, totaling 2,576 units across Lafayette, serving Purdue students, according to Yardi Matrix data.

Portfolio extension

Muinzer is one of the largest owners of student housing near Purdue University. As the market continues to grow, with enrollment approaching 50,000 students, the company plans to further expand its footprint in West Lafayette, according to remarks prepared by Founder and CEO Marc Muinzer.

The company also plans to spend $500 million on assets near rapidly expanding universities in the Big Ten and SEC. Last year, in partnership with T2 Capital ManagementMuinzer acquired The Heights of Knoxville, a 636-bed student housing community in Knoxville, Tenn.

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