D.R. Horton Sells Indianapolis BTR Asset
Up&Up manages the fund that purchased the property.
A real estate fund managed by Up&Up has purchased Sandalwood West, a 142-unit build-to-rent asset in Greenfield, Ind. D.R. Horton sold the asset in a deal brokered by Marcus & Millichap.
Up&Up, a tech real estate platform allowing renters to accrue fractional ownership of properties, raised a combined $284.3 million across three funding rounds, with the latest taking place in 2021, according to Crunchbase. Investors included Goldman Sachs, Parker89 and Rialto Capital Management, among others.
Spread across 50 acres, the 2023-completed community comprises three- to five-bedroom floorplans ranging between 1,498 and 2,600 square feet. Units feature fenced-in backyards with landscaping, two-car garages and air conditioning, among others. Select homes have patios or balconies and a cul-de-sac.
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Located at 982 Lotus Drive, Sandalwood West is less than 1 mile from U.S. Route 40 and downtown Greenfield, while downtown Indianapolis is some 24 miles away. A golf course and several parks can be found within 4 miles of the community. Employers such as Hancock Regional Hospital, Indiana Automotive Fasteners and the Hitachi Astemo Plant operate within 3 miles.
Marcus & Millichap Senior Managing Director Scott Harris alongside Associate Samuel McCarthy represented the seller and procured the buyer. First Vice President Josh Caruana is Marcus & Millichap’s broker of record in Indiana.
D.R. Horton’s BTR sales in metro Indianapolis
Year-to-date through July, investors acquired only two build-to-rent assets consisting of more than 50 units in Greater Indianapolis—including Sandalwood West—according to Yardi Matrix data. Upward of 220 single-family rental units changed hands during the interval.
The second sale involved another D.R. Horton property, a 2023-completed build-to-rent community dubbed Jackson Run Townhomes. A joint venture between Hudson Investing and Midloch Investment Partners purchased the asset in Whiteside, Ind.
Although single-family rental transactions have tempered, the national build-to-rent transactions year-to-date through June accounted for 2.4 percent of the total multifamily volume, according to Yardi Matrix research. The figure was 40 basis points lower than last year’s, but 70 basis points higher than 2022’s.
