Pierce/TIAA-CREF JV Buys Student Housing Community Near Purdue for $16.3 Million

by Scott Reid

West Lafayette, Ind. — A joint venture of Pierce Education Properties (PEP) and an affiliate of TIAA-CREF has purchased The Lodge, an off-campus student housing community serving Purdue University students, for $16.3 million.

The acquisition was completed in July. KeyBank provided debt financing of $10.63 million.

The Lodge is a 576-bed, 208-unit community located west of the Purdue campus and down the street from Purdue Research Park in West Lafayette. The garden-style, fully furnished community features two- and three-bedroom units, each with bed-to-bath parity; full-size appliances including washer and dryers in every unit; balconies; and pond and golf course views.

Beginning this fall, PEP will add large, flat-screen TVs in every unit. Community amenities include a resort-style pool, 24-hour fitness center, bike paths, free tanning salon, high-speed Internet and a location on the city bus route. The property is also located contiguous to Celery Bog and Cattail Trail, a nature preserve and hiking/biking trail that extends from The Lodge to the Purdue campus.

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