Muinzer and T2 acquire 629 bed student housing community near Purdue University
Muinzer alongside T2 Capital Management announced the acquisition of Station 21 near Purdue University in West Lafayette, Ind. The property totals 629 student housing beds underpinned by 20 acres of land. The asset was 100 percent leased for August 2022 and is 100 percent pre-leased for August 2023.
Muinzer originally acquired the property via an off-market transaction in early 2022. Muinzer executed a full interior renovation of all units as well as an exterior renovation coupled with a rebranding of the asset.
"Our transaction with T2 unlocks the value that we have created to date and allows our original institutional equity partner to successfully exit,” said Marc Muinzer, founder and CEO at Muinzer. “Muinzer is excited to increase our ownership stake in Station 21 while continuing our onsite property management role. Even in an uncertain macroeconomic environment, we have successfully completed over $300 million of student housing acquisitions and dispositions