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

Pierce Education Properties, L.P.
8880 Rio San Diego Drive, Suite 750, San Diego, CA 92108
Ph: 619.297.0400