GMH Communities and Invesco Acquire 364-Bed Student Housing Portfolio Near Purdue University

GMH Communities and Invesco Real Estate have acquired Grant Street Station and South Street Station, a two-property student housing portfolio totaling 176 units and 364 beds in West Lafayette, Indiana, the companies announced Sept. 17. The properties, both built in 2014, serve Purdue University and are located within a few blocks of campus. Randall Calvert of TSB Realty served as exclusive sales broker for the transaction.

Portfolio Overview and Campus Proximity

Grant Street Station, located at 320 S. Grant St., sits approximately 0.1 miles from Purdue's campus, while South Street Station, at 46 N. Salisbury St., is approximately 0.2 miles away. Both properties are positioned within the pedestrian Purdue submarket, offering residents walkable access to campus and the Chauncey Hill retail and dining corridor.

Grant Street Station offers one-, two-, three- and four-bedroom apartments, including penthouse two-bedroom layouts, and features amenities including an outdoor pool, hot tub, fitness center, gated garage parking and in-unit laundry. South Street Station offers one-, three- and four-bedroom configurations, with monthly rents ranging from approximately $1,175 for four-bedroom units to $1,699 for one-bedroom units under 12-month leases.

Buyer Rationale: Value Positioning and Rent Growth Runway

GMH Communities framed the acquisition as a value-oriented play on well-located but relatively affordable product in a high-demand university market.

"Grant Street Station and South Street Station are exactly the type of communities we look for as we continue to grow our student housing portfolio," said Gary Holloway Jr., Chief Executive Officer and President of GMH Communities. "Their exceptional location, quality and strong competitive positioning make this an exciting opportunity for GMH and our partners."

Scott Hirshman, Vice President of Acquisitions for GMH Communities, pointed to the properties' rent levels relative to newer competing assets as a key driver of the investment thesis. "What stood out to us was the relative value of these assets," Hirshman said. "Rents remain meaningfully below newer pedestrian properties, offering residents an attractive value proposition without sacrificing location, as the property provides comparable access to campus and surrounding amenities. This combination of location and affordability supports durable occupancy and provides continued runway for rental growth."

Invesco's Student Housing Conviction

For Invesco Real Estate, the $86.3 billion global real estate investment platform of Invesco Ltd., the Purdue acquisition reflects a continued emphasis on student housing as a high-conviction sector. The firm operates 21 regional offices across the U.S., Europe and Asia Pacific.

"We're pleased to partner with GMH Communities on this transaction and invest in a market with compelling long-term fundamentals," said Jay Hurley, Managing Director, Acquisitions, Invesco Real Estate. "Student housing remains a high-conviction sector for Invesco Real Estate, and this investment aligns with our focus of targeting well-located assets supported by strong fundamentals, durable demand drivers and opportunities to create value through disciplined ownership."

GMH's Expanding Student Housing Platform

Headquartered in Newtown Square, Pennsylvania, GMH Communities is a privately held real estate company specializing in the acquisition, development and management of living communities across the United States. Since 1985, the firm has participated in more than 300 transactions representing over $9.5 billion of gross asset value across all major property types.

The West Lafayette acquisition builds on GMH's track record in student housing and reflects the firm's strategy of pursuing opportunities in markets with strong enrollment-driven demand. The portfolio's 2014 vintage positions it as established, stabilized product with amenity packages that remain competitive relative to newer deliveries, while its below-market rents relative to the newest pedestrian assets provide a basis for incremental rent growth under GMH's ownership.

Sources

GMH Communities and Invesco Real Estate Acquire Student Housing Portfolio Steps from Purdue University — PR Newswire, Sept. 17, 2026