University of Indianapolis Student Housing Acquisition
In March 2025, Provident closed on the acquisition of 3 apartment style student housing projects on the campus of the University of Indianapolis, a private higher education institution with 4,500 students located in Indianapolis, Indiana.
Project Completion
and Impact Overview
Provident’s ownership allows the University to maintain affordability for students, participate in surplus revenues of the projects, and maintain a pathway to full ownership in the future.
Financing
To finance the acquisitions, $79.515 million in Student Housing Revenue Bonds were sold with PRG – UIndy Properties LLC serving as Borrower on the transaction. The Bonds were sold through the Indiana Finance Authority by KeyBanc Capital Markets.
Development &
Management
The Projects will be managed by PeakMade Real Estate in cooperation with the University. PeakMade manages over 140,000 beds of student housing nationally and has managed these assets since inception. The University will provide marketing, inventory control, billing and collections, residence life, security, and IT services to the Properties.
Community Impact
Provident’s partnership with the University of Indiana proves the University’s long-term commitment to enhancing the campus residential experience for students. With continued involvement from Provident and the University, the acquisition allows for continued University involvement, improved housing conditions, and sustained community development. The Properties represent the only apartment style purpose-built student housing offering to students either on or off campus.