Indianapolis multifamily market remains attractive for out-of-market investors
Indianapolis, IN – March 22, 2016 – CBRE Group, Inc. announced today that it completed the sale of The Park at Eagle Creek, a well-maintained, 240-unit apartment community on the popular west side of Indianapolis. The Park at Eagle Creek boasts large units with an average size of 973 square feet, beautifully landscaped wooded grounds, high-end unit features and a wide range of amenities, including a resort-style pool area.
CBRE Capital Markets’ Central Midwest Multifamily team in Indianapolis acted on behalf of Meridian Realty Investments, the asset manager for the property’s ownership group. Block Funds, a real estate equity firm, and Block Multifamily Group, a national multifamily management services company, purchased The Park at Eagle Creek. This was its first acquisition in the Indianapolis market.
The Park at Eagle Creek was offered to potential buyers as a portfolio with the Village of Spring Mill. The combined portfolio attracted 19 offers. In an earlier deal, Denver-based Monarch Investment, who acted on behalf of a private investor based on the West Coast, purchased The Village of Spring Mill in November 2015.
The sale of The Park at Eagle Creek and The Village on Spring Mill shows that the Indianapolis multifamily market continues to be attractive for out-of-market investors. Both properties have attracted buyers making their first acquisition in the Indianapolis market. Since 2015, more than 50 bidders have made offers on CBRE assets that had no previous Indianapolis acquisitions.
“The sale of The Park at Eagle Creek is yet another example of new capital sources establishing a presence in the Indianapolis multifamily market,” said Steve LaMotte, senior vice president and member of CBRE Capital Markets’ Central Midwest Multifamily team.
“With its proximity to Eagle Creek Reservoir, which provides a package of amenities like biking, golf and water activities for our residents, plus the convenient access to I-465, The Park at Eagle Creek is a positive addition to the Block Multifamily Group portfolio,” said Bill Larson, CPM, president Block Multifamily Group.
The sales price for the property was not disclosed. At the time of sale, the property was 91 percent occupied.
CBRE’s Multifamily team in the Central Midwest is the preeminent multifamily investment sales team in the region, with a total team volume of more than $3.7 billion. The team includes nine professionals based in the company’s Indianapolis and Cincinnati offices and covers all of Indiana, Louisville and Lexington, Kentucky, the southern Michigan markets and Cincinnati, Dayton and Toledo, Ohio. The team has nearly 85 years of combined multifamily brokerage experience.
To speak to a CBRE professional, please contact Joe Ludwig at +1 513 369 1305 or joe.ludwig@cbre.com.
About Block Funds
Block Funds is a leading real estate private equity firm with more than $1 billion in commercial property under management. Block Funds allows long-term, accredited investors seeking income, capital preservation and appreciation an opportunity to earn high, stable cash yields and competitive risk-adjusted returns with low correlations to other asset classes through investment in institutional quality commercial real estate. The Block Funds team has a combined 200 years of commercial real estate experience and has been involved in over $2.5 billion in real estate transactions. Block Funds investment professionals manage four private equity funds and hundreds of syndicated partnerships, leveraging Block Real Estate Services’ national network of relationships to source exclusive transactions with exceptional returns.
About Block Multifamily Group
Block Multifamily Group (BMG) provides multifamily management services in a wide geographic area. Our de-centralized management, coupled with a centralized financial center, enables our staff to provide proactive property management services in a timely manner. Effectively managing our clients' needs is the focal point of our operating philosophy. Covering conventionally-financed multifamily assets as well as HUD-insured and Low Income Housing Tax Credit (LIHTC) properties, BMG is able to provide services for a wide client base.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
