GMH Communities and Invesco Real Estate Acquire 176-Unit Student Housing Portfolio Near Purdue University
GMH Communities and Invesco Real Estate announced the acquisition of Grant Street Station and South Street Station, a 176-unit, 364-bed portfolio in West Lafayette, Indiana. Randall Calvert of TSB Realty served as exclusive sales broker for the transaction.
The properties serve students at Purdue University. Grant Street Station is located approximately 0.1 miles from campus, while South Street Station is approximately 0.2 miles from campus. Both buildings were constructed in 2014.
GMH Communities is a vertically integrated real estate company that acquires, develops, and manages residential communities throughout the United States. Invesco Real Estate is the $86 billion global real estate investment platform of Invesco Ltd.
"Grant Street Station and South Street Station are exactly the type of communities we look for as we continue to grow our student housing portfolio," said Gary Holloway Jr., Chief Executive Officer and President of GMH Communities. "Their exceptional location, quality and strong competitive positioning make this an exciting opportunity for GMH and our partners."
Scott Hirshman, Vice President of Acquisitions for GMH Communities, said the company was attracted by the relative value of the assets. "Rents remain meaningfully below newer pedestrian properties, offering residents an attractive value proposition without sacrificing location, as the property provides comparable access to campus and surrounding amenities. This combination of location and affordability supports durable occupancy and provides continued runway for rental growth," Hirshman said.
The company stated the acquisition aligns with its experience investing in and operating student housing properties across the country as it pursues opportunities in markets with strong demand fundamentals.
"We're pleased to partner with GMH Communities on this transaction and invest in a market with compelling long-term fundamentals," said Jay Hurley, Managing Director, Acquisitions, Invesco Real Estate. "Student housing remains a high-conviction sector for Invesco Real Estate, and this investment aligns with our focus of targeting well-located assets supported by strong fundamentals, durable demand drivers and opportunities to create value through disciplined ownership."