The Avenue
Indianapolis, Indiana

Property Income Advisors, Inc. advised a Gulf-based client on the $34.5 million purchase of The Avenue, a core-plus pedestrian student housing property strategically located adjacent to Indiana University – Purdue University Indianapolis (IUPUI) during November 2020.

Constructed in 2012, The Avenue is a five-story, 143 unit l 358-bed purpose built student housing property with more than 21,000 SF of ground floor restaurant and retail space. The property consists of one, two and four-bedroom floor plans, all with bed-bath parity, giving it a competitive advantage in the market. Amenities and features at The Avenue include modern, fully furnished living spaces, ground floor restaurants and retail shops, a resort-style swimming pool with outdoor kitchen, 24-hour fitness center and a secured key-fob access parking structure.

IUPUI has a total enrollment of about 30,000 students. The university has implemented a Strategic Enrollment Management Plan which projects total enrollment to grow to more than 35,000 students by 2025. This student growth will further bolster continued strong performance at the property, with The Avenue averaging 95% occupancy since 2015.

The strong location of the property adjacent to the university, coupled with the desirable ground floor restaurant and retail shops and the projected student enrollment growth, will allow The Avenue to be a local student housing leader over the long-term. And as a result, this investment will provide stable, increasing income well into the future.

Responsibilities: Acquisition, Financing and Asset Management