San Diego-based Pierce Education Properties, a student housing investment, development and management firm, said it has purchased Windermere Place, an off-campus student housing community serving Ball State University students, for $16.75 million.
The acquisition was completed in late September. Debt financing of $8.48 million was provided by KeyBank.
Windermere Place is a 672-bed, 216-unit community located just west of the Ball State campus in Muncie, Ind. The fully-furnished community features two-, three- and four-bedroom units, each with bed-to-bath parity, full-size appliances including washer and dryers in every unit, balconies, and green space. Beginning this fall, PEP will add flat-screen TVs in every unit and introduce property-operated shuttle service to and from campus.
Community amenities include a pool, fitness center, outdoor basketball courts, free tanning salon, and high-speed Internet.
Windermere Place is one of nine student apartment communities representing $200 million acquired by PEP in the last 22 months, adding more than 5,400 new beds to the firm's portfolio.