Emma Capital Lands $64M Indianapolis Portfolio Deal
The three properties total 849 units and represent the first purchase the company completed in this market. Renovation work will begin once the final transaction closes.
Retreat Northwest, 1130 Racquet Club North Drive, Indianapolis
Emma Capital Investments has expanded into its seventh U.S. market through the acquisition of three multifamily properties in Indianapolis. The communities are Retreat Northwest and M Club Apartments, owned by Wilkinson Corp., and Aura Apartments, whose owner was Martin Hampton, according to Yardi Matrix data. The communities total 849 units and were sold for a combined $63.9 million. Once the transaction of Aura finalizes at the end of May, the company will start upgrading the assets.
“Indianapolis has been on our radar for investment for a number of years, as we have been attracted to the strength and diversity of the Indianapolis economy with its skilled work-force and excellent quality of life. With the purchase of the three properties, we have obtained an immediate significant and strong presence in the market from which we can grow and expand,” said Haya Zilberboim, partner & co-owner of Emma Capital, in a prepared statement.
Key locations
The Retreat Northwest is a 336-unit community located on the border of Carmel in Hamilton County, one of the most affluent suburbs in Indianapolis. Built in 1973 at 1130 Racquet Club North Drive, the community offers one-, two- and three-bedroom layouts ranging in size from approximately 750 to 1,500 square feet. According to Yardi Matrix data, the asset last changed hands in 2013, when Wilkinson Corp. bought it for $13.6 million from Norman Schwab. The amenities include a waterscape, fitness center, business center, clubhouse, tennis court, volleyball court, basketball court, swimming pool and partial covered parking.
The M Club Apartments, also known as Salem at 56, is situated on the north side of 56th St., adjacent to Interstate 465. The community provides convenient access to Indianapolis’ Central Business District, shopping malls and schools. It encompasses 338 one- and two-bedroom units and is almost fully occupied. Wilkinson Corp bought the asset in 2012 for $12.6 million.
The only property whose sale is still pending, The Aura or Courtyards at Kessler, was completed in 1971 and provides 125 units. Located at 3035 W. 39th St., the community is very close to Interstate 65 and the downtown. It offers large one-, two- and three-bedroom units ranging in size from 1,000 to 1,500 square feet. Amenities include a business center, community room and swimming pool, as well as partially and fully covered parking.
Emma also owns communities in Phoenix, Atlanta, Charlotte, Nashville, Orlando and Raleigh-Durham markets. Its most recent portfolio expansion was a $53 million multifamily acquisition in Charlotte, N.C.
Images courtesy of Yardi Matrix
