HPP Equity buys 224-bed Highland Quarters near Indiana State University

HPP Equity LLC has acquired Highland Quarters, a 224-bed student housing community across from Indiana State University in Terre Haute, Indiana. The deal adds newer-vintage campus housing and ground-floor retail to HPP Equity’s Midwest portfolio, with financing from Centier Bank and management by Granite. Why it matters: - Highland Quarters gives HPP Equity a campus-adjacent asset in a university market with rising enrollment and no new supply on the horizon. - The acquisition supports HPP Equity’s push toward a 1,000-plus bed student housing and multifamily portfolio in the Midwest and Southeast. - Ground-floor retail adds another revenue stream tied to daily student traffic near Indiana State University. What happened: - HPP Equity LLC acquired Highland Quarters, a 224-bed student housing community in downtown Terre Haute, Indiana. - The property sits directly across from Indiana State University. - Centier Bank provided financing. - Granite will manage day-to-day operations at the property. The details: - Highland Quarters was built in 2017. - The community includes 60 units across 224 beds. - Amenities include a 24/7 fitness center and study rooms. - The ground-floor commercial space is currently occupied by Insomnia Cookies. - Additional retail space remains available. - HPP Equity plans management improvements aimed at boosting the resident experience and investor value. - Indiana State University enrolled 1,602 new freshmen in Fall 2025, its largest freshman class in five years. - Freshman enrollment rose 13% year over year. - Total undergraduate enrollment increased 2% to 6,352 students. - The university’s freshman-to-sophomore retention rate reached 69.4%, the highest in school history. Between the lines: - The acquisition appears to follow a value-add strategy: buy a newer property in a strong location, then lift operations rather than rely on heavy redevelopment. - Terra Haute’s student housing market may benefit from the combination of enrollment growth and limited new supply, which can support occupancy and pricing. - HPP Equity’s Indiana footprint matters here because the firm is headquartered in the state and already owns student housing near the University of Notre Dame. What’s next: - HPP Equity will transition operations to Granite and focus on management enhancements at Highland Quarters. - The company will likely look for a tenant for the remaining retail space. - HPP Equity is continuing to build toward its broader portfolio target across university-anchored markets. - More information is available on the Highland Quarters website and the HPP Equity website . The bottom line: - HPP Equity is betting that a well-located student housing asset near a growing public university can deliver both steady occupancy and upside from better operations.