Wilkinson Lands Financing for Indiana Community

The 250-unit community is located in Brownsburg, Ind., outside Indianapolis. Image courtesy of Berkadia

Wilkinson Corp. has secured financing for a 250-unit community in Brownsburg, Ind. The company has lined up $13 million in institutional equity, along with a nearly $30 million loan provided by Freddie Mac for its Legacy Park community. Berkadia’s Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt arranged the equity, while Berkadia’s Richard Levine secured the financing.

Wilkinson Corp. recently acquired the community, which last traded hands in September 2021 when Birge & Held Asset Management acquired it from Lauth, according to Yardi Matrix data. While the garden-style community was built in 2009, its units were recently renovated and now include washers and dryers and patios or balconies. The apartment community’s one-, two- and three-bedroom units average 1,056 square feet. Legacy Park’s residents also get access to a golf simulator, pool, sundeck, fitness center, clubhouse and enclosed garages. According to Berkadia, the community is more than 95 percent occupied.

Located at 6750 Legacy Park Drive, residents are a 15-minute drive to downtown Indianapolis and its major attractions, like the Lucas Oil Stadium and the Indianapolis Zoo. The community also has nearby access to multiple shopping centers, including Main Street Shoppes, Prestwick at the Crossing and Shoppes of Brownsburg, which are home to stores like Costco, Walmart, Home Depot and Kroger.

Improving workforce housing

Like Legacy Park, Wilkinson Corp. targets value-add and core-plus communities that are located in major growth markets. So far, the company has grown its footprint in the Atlanta and Indianapolis metros, along with other Southeastern and secondary Northwestern markets. While the majority of Wilkinson Corp.’s portfolio includes communities in Atlanta and Indianapolis, the company is working on a community in a qualified opportunity zone in Wenatchee, Wash.

Since Wilkinson Corp. acquires workforce housing communities, the company employs a value-add strategy to increase the net operating income before disposing of the community. Last year, Wilkinson Corp. sold off its six-property portfolio totalling 2,103 units in Indiana to Morgan Properties. Previously, the company had sold The Hills on Breckinridge, a 400-unit apartment community in Duluth, Ga.