Lafayette, IN — Trinitas Ventures, a premier owner, investor, developer and builder of student housing, multi-family and mixed-use communities announced today that it has closed on the property located at W 17th Street, Bloomington, IN serving the students and community of Indiana University (“IU”). The project will be comprised of houses, townhomes, and flats-style apartments and will be a short Bloomington Transit ride to shopping, dining, and IU’s campus.
The 825 bed, 334 unit community will feature a unit mix of one -, two-, three-, and four-bedroom apartments and boast a luxury amenity package including a modern clubhouse with ample study space and lounge area, resort-style pool and sundeck with year-round spa, outdoor grilling area and putting green, fitness center, and yoga studio. Also included will be a multipurpose path traversing throughout the site that will connect to the City’s newly enhanced W. 17th Street project and its accompanying network of pathways leading into the City and around the IU campus.
This beautiful project site consists of 39.29 acres with approximately 14.62 acres set aside as conservation area intended to protect large hardwood trees and existing environmental features. Trinitas has formed a partnership with Bloomington Transit for the creation of a dedicated bus line, free to its residents, that will operate 7-days per week, 360 days per year. This natural setting will offer residents ample space for safety and wellness and a connection to the outdoors all while still being close enough to stay involved in campus and the downtown area.
Additionally, Trinitas has partnered with the City of Bloomington to dedicate 45 single family lots to the city for the development of workforce housing.
Equity financing has been provided by a joint venture between Trinitas and Harrison Street – the eighteenth development and joint venture for the partnership. “We are thrilled to continue our strategic partnership with Harrison Street, allowing for this investment and unique development project in the Bloomington market”, stated Loren King, CEO of Trinitas. Construction financing has been provided by Fifth Third Bank and First Merchants Bank. “Fifth Third Bank is proud to partner with Trinitas to bring accessible student housing to the IU Campus. This dedicated space will further connect the students not only to the campus and city, but to the health and wellness opportunities this space provides,” shared Mike Ash, Regional President of Fifth Third Bank. The IU / Bloomington market continues to be a strong and highly sought-after investment market with consistent occupancy in the upper 90 percentile.
About Trinitas
Trinitas is an owner, investor, developer, builder and manager of university-centric commercial real estate at major universities throughout the US, specializing in student housing, multi-family and mixed-use development. Trinitas currently owns and is developing approximately $500 mm in student housing, multi-family and mixed-use assets, with an additional $1 billion in its development pipeline. The company is headquartered in Lafayette, Indiana with office in Indianapolis and Chicago. Learn more about Trinitas at www.trinitas.ventures.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 185-employees and approximately $30 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2019 North American Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.
About First Merchants Corporation
First Merchants Corporation is the largest financial services holding company located in Central Indiana. The corporation provides customers with broad financial services delivered locally by bankers who are known and trusted in their communities. First Merchants offer personal banking, business banking, mortgage lending, treasury management services, and wealth management.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Sept. 30, 2020, Fifth Third had $202 billion in assets and operated 1,122 full-service banking centers and 2,414 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Sept. 30, 2020, had $422 billion in assets under care, of which it managed $53 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.