Muinzer Management, a property management company owned by Marc Muinzer, acquired Village West apartment complex on Friday in a blockbuster $48 million purchase.
Muinzer said his company will manage the apartments and retain existing Village West employees as part of the transition.
The complex is the largest near Purdue and believed to be the largest student-housing complex in Indiana, Muinzer said. Village West boasts 1,134 bedrooms spread across 13 buildings, according to the construction company that built the apartments. It’s located on Lindberg Avenue, about two miles north of Purdue’s campus.
“I liked Village West because the apartments are in great condition, the units are large in size, and yet the rental rates are inexpensive and provide a great value to tenants,” Muinzer said.
The acquisition adds to Muinzer Management’s stature as the largest property manager serving Purdue students. The company’s portfolio includes units in the Miller Building — home to Greyhouse Coffee & Supply Co. — and the adjacent building at 300 W. State Street, which doubles as the site for a Target store opening in April.
Since graduating from Purdue and founding Muinzer Management in 2002, Muinzer’s profile has grown considerably, primarily in the past five years. In 2017, South Street Capital purchased the Miller Building and a slew of complexes on Salisbury Street for nearly $20 million. The Village West apartments represent his company’s largest investment yet, he said, surpassing the $33.5 million acquisition of Cochran Apartments in April 2019.