Oak Residential Enters Indianapolis Market
Deerfield, IL--Oak Residential Partners, LLC closed on its second multifamily investment in the Indianapolis area in two months, the 146-unit Grande Reserve at Geist Apartments.
Deerfield, IL–Oak Residential Partners, LLC closed on its second multifamily investment in the Indianapolis area in two months, the 146-unit Grande Reserve at Geist Apartments. The Class A institutional-quality apartment property consists of 17 two-story townhome-style buildings, a clubhouse totaling 160,539 rentable square feet, and is located at 8019 Glenway Drive in one of the most exclusive submarkets in the metropolitan area.
The units feature private entries, nine-foot ceilings, wood-burning fireplaces, and walk-out patios and balconies, and most units have direct-access attached garages. Amenities include an outdoor swimming pool, a fitness facility and a children’s playground. Interior renovation plans call for new cabinets, granite countertops and new wood flooring. Oak Residential also plans to renovate the clubhouse and enhance landscaping.
The company placed new financing on the property, a 10-year, fixed-rate Freddie Mac loan arranged by Wells Fargo Multifamily Capital. Wells Fargo’s Brian Manion originated the loan. Oak Residential manages the property on behalf of its private investors and hired Village Green Management Company as property manager.