CHICAGO–(BUSINESS WIRE)–Blue Vista Capital Management today announced it has acquired Wabash Landing Apartments, a 206-unit residential property located near Purdue University in West Lafayette, Indiana. The Property serves a diverse population of students and faculty at Purdue University, as well as local professionals. The transaction is part of Blue Vista’s ongoing strategy of providing institutional investors with access to unique and differentiated core plus residential real estate opportunities with long-term hold strategies. Blue Vista’s affiliate student housing management company PeakMade Real Estate is managing the property.
Wabash Landing Apartments is strategically located along the Wabash River proximate to Purdue University, within walking distance to restaurants, retail businesses, services and local transportation in the downtown West Lafayette area. The property consists of studio, one- and two-bedroom units, and offers residents a comprehensive amenity set including a rooftop deck, fitness center, resident lounge, courtyard and study room. The apartments offer 9-foot ceilings, walk-in closets, stainless steel appliances and in-unit washers and dryers. As of the end of July 2022, the property was 100% occupied.
“Wabash Landing is an example of Blue Vista’s strategic approach to executing a core-plus strategy across alternative residential property types, and commitment to delivering an exceptional rental experience,” said David Katz, Managing Principal and Fund Manager for Blue Vista’s middle market equity real estate funds. “Home to the highly acclaimed Purdue University, West Lafayette is one of the most active residential and student housing markets in the U.S., and is an opportune location for high-quality, purpose-built rental accommodation. We look forward to continuing our partnership with PeakMade to continue improving the attractiveness and efficiency of the Wabash Landing property.”
“Blue Vista’s investment in Wabash Landing reflects our commitment to developing top-tier, highly-amenitized residential experiences in high-growth areas for students and professionals alike,” said Jason Schwartz, Managing Principal and Co-Head of Real Estate Equity at Blue Vista. “Purdue University is experiencing rapid growth and increased enrollment numbers, and as of Fall 2021, welcomed its largest freshman class ever, with more than 10,000 students – representing total enrollment growth of over 8% from the prior year. We are pleased to deliver a high-quality residence option to students as demand in West Lafayette continues to rise.”
ABOUT BLUE VISTA
Blue Vista is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate equity and credit strategies across the risk-return spectrum. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender across all property types and various markets in the U.S. and Canada. Since its inception in 2002, the firm has invested over $12.0 billion in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing. For more information, please visit https://bluevistallc.com/.
