The Fairway, a 167-unit, 298-bed student-centric housing community, enjoys a strategic position near Purdue University’s bustling campus. With over 52,000 students within walking distance, The Fairway is poised to capture demand from an expanding student base seeking an attainable rental price point compared to new-construction properties.
The Fairway was originally constructed in the 1960s and had a third phase delivered in 2007. In 2018, all 12 buildings received extensive renovations, including brand-new appliances, in unit washer/dryer, upgraded flooring, stylish countertops, and modern cabinets. The property boasts ample amenities, including a pool, hot tub, fitness center, community room, and fenced dog park.
THE PROPERTY
a. Recently renovated units featuring in unit washer/dry, stainless-steel appliances, vinyl plank flooring, quartz countertops and modern cabinets
b. Full amenity package featuring a pool, hot tub, fitness center, community room, and fenced dog park
c. Well positioned just one mile from Top 10 Nationally Ranked Purdue University - over 52,000 students and 18,000+ employees
d. Immediate access to top retailers including grocers Walmart, Fresh Thyme, and Aldi, along with major convenience stores Walgreens and CVS
THE MARKET
a. Caters to growing student base – Purdue University saw 7% YOY growth in applications in 2023, and 82% growth since 2013
b. 9.6% rent growth in 2023 at Purdue with 97% occupancy, averaging 5.8% rent growth over the last five years
THE UPSIDE
a. 100% leased for 2024/2025 school year - demonstrates demand for lower-cost student housing with a captive tenant base
b. Ability to significantly increase rents via value-add program by improving property condition, rejuvenating amenities, and furnishing the units
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