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Hunter Acquires Distressed Purdue-Area Student Apartments

LAFAYETTE, IN—Evanston, Ill.-based Hunter Properties recently purchased the 192-unit River Walk Apartments, a student housing property located near Purdue University, from court-appointed receiver Buckingham Management LLC for $10 million.

The complex was built in 2000 at 1714 North Ninth Street. Buckingham took over the complex in summer 2011, and focused on improving occupancy and several needed capital improvement projects, including exterior painting and upgrading the Internet service provided to residents.

Hunter Properties was selected as the successful bidder from a large group of offering parties, according to Tikijian Associates, which marketed the complex on behalf of Buckingham. At the time of the sale, the property was 67% occupied and now has a mix of student and non-student residents. Hunter Properties Management, an affiliate of the purchaser, will be the property manager for River Walk.

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