CBRE Secures $321M Portfolio Sale
The nine-property portfolio includes communities located in Indianapolis, Memphis, Tenn., Oklahoma City and Cincinnati, totaling 1,803 units. Milhaus developed, constructed and managed the majority of the portfolio.
By Adina Marcut
CBRE Capital Markets has secured the sale and recapitalization of Urban Core Portfolio, which includes 1,803 multifamily units across nine communities, for $320.5 million. The assets are located in Indianapolis, Memphis, Tenn., Oklahoma City and Cincinnati. Steve LaMotte, who was recently named executive vice president of CBRE’s Indianapolis office, arranged the transaction. He worked on behalf of Milhaus, which developed, constructed and managed most of the portfolio. Four separate buyers acquired the assets.
The properties included in the transaction were:
- Artistry (258 units)
- Mentor & Muse, (242 units)
- Mosaic (54 units)
- Circa (265 units)
- Mozzo (65 units)
- Maxwell (105 units, all located in Indianapolis)
- Highland Row (354 units in Memphis, Tenn.)
- Gantry Apartments (131 units in Cincinnati)
- Lift (32 units in Oklahoma City)
“The portfolio consists of small and large assets in four distinct metros, but the common theme the capital recognized is that each of these markets have expanding employment bases of young talent with plenty of runway left in this cycle,” LaMotte said in a statement. “The rare opportunity to deploy a sizeable amount of capital in newly constructed, best-of-class, urban-walkable assets were duly noted by the market.”
StepStone Group Real Estate LP, in a joint venture with Milhaus, recapitalized five assets of the portfolio. Gebe B. Glick Co., was the seller of one of the properties.
Image courtesy of CBRE