West Lafayette, Ind. — Campus Suites, a national student housing development company, announced today the sale of its 756-bed student housing community, Campus Suites on the Lake. The community serving Purdue University was sold yesterday to The Scion Group.
Campus Suites on the Lake, a 20-acre property, developed in 2008, contains 216 large apartments in 3-bedroom 3-bath and 4-bedroom 4-bath configurations, along with extensive amenities, such as an indoor basketball court.
Campus Suites owned and operated the property prior to selling it to The Scion Group. The luxury student housing community was in the mid 90-percentile occupancy with a 90 percent pre-leasing occupancy rate for the 2013 academic year.
"The current market conditions provided the investors of Campus Suites on the Lake a solid exit opportunity," said Henry Morton, president of Campus Suites.
Located just over three miles northwest of Purdue University alongside Hadley Lake, the property is served by dedicated shuttle bus transportation to multiple campus locations. The 1,500 to 1,700 square-foot apartments feature private bathrooms, individual storage spaces and available hardwood-style floors.