Exclusive: Battery Group Buys 208 Units in Indianapolis
The community debuted in 1990.
The Battery Group has acquired Cross Creek, a 208-unit community in Indianapolis, according to Yardi Matrix information. The firm took out a $14.4 million Fannie Mae loan originated by Newmark, set to mature in 2031.
LT Group sold the asset, the data provider shows. The company had owned it since March 2021, after purchasing it from LT Group.
Located at 5756 Cross Creek Drive, the community is close to the Cross Creek Centre shopping mall and Northwestway Park. Downtown Indianapolis is less than 11 miles away, while Indianapolis International Airport is 16 miles southwest.
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Completed in 1990, the property consists of 19 two-story residential buildings across almost 18 acres. The unit mix comprises one- and two-bedroom floorplans ranging between 510 and 910 square feet. Apartments have private balconies or patios.
Common-area amenities at the garden-style community include a playground, clubhouse, swimming pool and sundeck. Cross Creek also has about 410 parking spaces.
Indianapolis sales drop year-over-year
Indianapolis’ multifamily transaction volume in the first three quarters of this year clocked in at $526.9 million from the 31 properties—5,717 apartments—that changed hands, Yardi Matrix data shows. These figures were considerably lower compared to the same period last year, when 36 assets totaling 7,636 units traded for $755.6 million.
Within the Pike submarket, sales registered an uptick year-over-year. Last year, only two properties totaling 396 units were sold, while this year the volume rose to four communities totaling 1,012 apartments.
One of these assets is the 372-unit Deecross Apartments, which Chelsea Management purchased form Wilkinson Corp. The buyer took out a $33.5 million CMBS loan for this acquisition.
