SCION GROUP BUYS CAMPUS SUITES PROPERTY

WEST LAFAYETTE, IND. — Campus Suites, a national student housing development company, has sold its 756-bed student housing community, Campus Suites on the Lake, in West Lafayette. The community serving Purdue University was sold to The Scion Group. Campus Suites on the Lake is a 20-acre property developed in 2008. It contains 216 large apartments in 3-bedroom, 3-bath configurations for $460 per person monthly and 4-bedroom, 4-bath configurations for $440 per person monthly. There are also extensive amenities, such as an indoor basketball court. Campus Suites owned and operated the property prior to selling it to The Scion Group. In terms of occupancy rate, the luxury student housing community was in the 90-percentile with a 90 percent pre-leasing occupancy rate for the 2013 academic year. The 1,500-to-1,700-square-foot apartments feature private bathrooms, individual storage spaces and available hardwood-style floors.