JLL Capital Markets announced 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 percent 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.