Pierce Education Properties/TIAA-CREF Joint Venture Acquires Student Housing Community Near Purdue University
SAN DIEGO, CA on July 28, 2015 – A joint venture of Pierce Education Properties (PEP), L.P., together with an affiliate of TIAA-CREF, a Fortune 100 financial services company, today announced the purchase of The Lodge (subsequently renamed The Lodge On The Trail) – a premier off-campus student housing community serving Purdue University students – for $16.35 million. The acquisition was completed in July 2015. Debt financing of $10.63 million was provided by KeyBank.
“Purdue University has been a targeted market for PEP for several years”, said PEP President and CEO Fred Pierce. “We are excited to establish a presence with a signature student apartment property at a flagship university in Indiana and to continue to grow our presence at major universities in the Midwest.”
Read the announcement in Bisnow.com