CBRE Completes Engel Realty’s Indiana Purchase

Indianapolis—CBRE Group Inc. completed the sale of Eagle Chase, a 156-unit apartment community in the west side of Indianapolis. Acting on behalf of the seller, Hills Properties, was CBRE’s Central Midwest Multifamily team. After receiving nine offers from capital sources, the property was sold to Engel Realty, an apartment operator based in Birmingham, Ala. The transaction was their first in Indiana.

Located near I-465, I-65 and I-74 and more than a mile from Eagle Creek Park, Eagle Chase offers large and spacious apartments averaging around 1,119 square feet.

“In this environment of defined investment, hold periods and programmatic sellers, it has become more rare to find opportunities to acquire assets with a long, stable ownership history,” said Steve LaMotte, senior vice president. “The level of bidder interest and pricing achieved for Eagle Chase reflects the very favorable perception the national investor market has of the west side of Indianapolis.”

The property had a long history of operation and was owned by the original developer from 1995. At the final time of the transaction it was 97 percent occupied. The sales price for the community was not disclosed.