Pierce Education Properties and TIAA-CREF teamed up to buy The Lodge, an off-campus student housing community serving Purdue. PEP CEO Fred Pierce (pictured) says he’s been targeting the university for several years. It has 38,770 students (including the nation's fourth-largest international student population) and plans to grow to 40,000. Yet, there are less than 11,000 on-campus beds. PEP plans to grow its presence at major Midwest universities. This is TIAA-CREF’s second-ever student housing investment, but it has more deals in its pipeline.

The Lodge is a garden-style community with 576 beds. It includes a free tanning salon, and those inclined to more natural light can look out over a golf course and pond from the unit balconies. Students can walk to campus through the Celery Bog and Cattail Trail. The $16M acquisition was financed by an $11M loan by KeyBank. PEP and TIAA-CREF will create value through some capital improvements and improved operations.