Muinzer has 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, Yardi Matrix data shows. Muinzer plans to rebrand and rename the community as Station 21.
Completed in 2003, the property comprises 222 units, offering a mix of one-, two-, three- and four-bedroom floorplans, averaging 1,249 square feet, with in-unit washers and dryers and high-speed internet. Common-area amenities include a fitness center, business center, community room, volleyball and basketball court, pool and 350 parking spaces.
Located at 2110 McCormick Road, The Quarters is within 3 miles of Purdue University and its surroundings, including the Ross-Ade Stadium, Mackey Arena and France A. Cordova Recreational Sports Center. Downtown Lafayette is 4 miles away from the community.
Purdue University is one of the top three institutions with the most annual prelease growth as of November 2021, clocking in at 43.3 percent. Registering a 2.5 percent enrollment growth and 7.6 percent annual rent growth as of December 2021, the university is keeping its strong fundamentals. Currently, there are 12 dedicated student housing communities, totaling 2,576 units across Lafayette, serving the students of Purdue, according to Yardi Matrix data.
Muinzer is one of the largest student housing owners near Purdue University. As the market keeps growing, with enrollments approaching 50,000 students, the company plans to further expand its footprint in West Lafayette, according to prepared remarks from Founder & 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 a partnership with T2 Capital Management, Muinzer acquired The Heights of Knoxville, a 636-bed student housing community in Knoxville, Tenn.