Grant Street Station & South Street Station

West Lafayette, Indiana

TSB Realty presents the opportunity to acquire Grant Street Station & South Street Station, two properties totaling 176 units and 364 beds servicing Purdue University in West Lafayette, Indiana. Grant Street Station & South Street Station were delivered in 2013 and 2015, respectively, and are currently managed by a local operator. Both properties are located pedestrian to Purdue’s main campus.

Grant Street Station & South Street Station offer a unique unit-mix of one-, two-, three- and four-bedroom units that offer a lower-cost option for students looking for a purpose-built student housing community with an excellent location. Specifically, current rent is a minimum of 11% below the market for similar finish qualities. The properties feature full bed-to-bath parity throughout, standard community amenities, and a premium location within walking distance to campus.

For more information about Grant Street Station & South Street Station, visit our listing at Real Capital Markets or contact the TSB Realty team directly.

Property Highlights

• Best-in-Class Locations
GSS & SSS are among the best located properties in the market featuring over 100 parking spots per property and a less than 10-minute walk to campus. Located near multiple retail and grocery stores, and easy access to route 43, the Portfolio offers students the best located living experience in West Lafayette.

• Below Market Rents
With a weighted average discount of 11%, units at Grant Street Station and South Street Station are significantly below market averages in West Lafayette. For instance, 1 bedroom units are rented at a $200/bed/month discount relative to current market rates. New Ownership can significantly increase monthly rates without risking increased vacancy due to growing market demand and recent rent trends.

• Value-Add Opportunity
Units at Grant and South Street Stations feature full bed-bath parity and modern style finishes inclusive of wood-style flooring, stainless steel appliances, granite countertops and more. With limited interior capital needed, value-add opportunities exist to reduce the rental rate gap between the Properties and the top of market competitive set such as upgrading community amenities and institutionalizing operations.

• Consistent Enrollment Growth
Purdue University recruited the largest class in university history in Fall 2020 and surpassed that record in Fall 2021. The all-time high of 49,639 student enrollment represents a 25% increase since 2011 and an over 8.2% growth annually (46,603 in Fall 2021 vs. 45,869 in Fall 2020). Per Axiometrics, Purdue is expected to continue this growth with total enrollment exceeding 50,000 students in Fall 2022 – an average 1.2% annual growth or approximately 600 students per year.

Let's Talk

Relationships drive what we do at TSB Realty. Call us at (610) 905-1647 or send us a message, and let’s see what our team can do for you.

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