The article presents development and design of a precision LCR meter based on an affordable open-source instrumentation platform. The design of the instrument has been performed by an interdisciplinary group of students. A project-based approach has been used in order to make a practical use of engineering knowledge within the group of participants. The results cover all the necessary project results achieved by the participants from the state-of-the art analysis in the domain of LCR meters to dissemination of project results. These may serve as a guide for similar project specifications. Alternatively, the presented results may be used in preparing student assignments in electrical impedance measurements based on affordable hardware.