CBRE Brokers Record Sale in Indianapolis
- Sep 28, 2016
By Adriana Pop
CBRE Capital Markets’ Central Midwest Multifamily team represented the seller, Harbor Group International, a Virginia-based global real estate investment firm. The buyer was Birge & Held Asset Management, a Carmel-based private equity investment firm that owns and manages more than 4,500 apartment units.
The sale represents the largest single-property apartment transaction on record in Indianapolis, as well as the second largest in the state of Indiana, behind Canterbury Green in Ft. Wayne, which sold for $85.5 million in 2014. The second-largest single-property transaction in Indianapolis was Solana at the Crossing, which sold in 2014 for $60.5 million.
“Lakeshore is a great opportunity for Birge & Held and our investors to create value at an institutional-quality project located in one of the strongest real estate corridors in Indianapolis,” Andrew Held, president & COO of Birge & Held, said in prepared remarks.
Birge & Held is planning the renovation of all 740 units, as well as significant exterior improvements and amenity upgrades, during the first year of ownership. The renovation will include new kitchen appliances, cabinets and countertops; bathroom countertops; and lighting; in addition, the common areas will receive new LVT wood flooring. The exterior improvements will bring fiber cement siding and new roofs throughout the property.
“Lakeshore, for most of its 26 years of existence, has been perhaps the most iconic apartment community on the north side of Indianapolis. The depth of capital and strong level of demand from a national investor base to deploy a large amount of capital in the Indianapolis market is very gratifying,” observed Steve LaMotte Jr., senior vice president and member of CBRE’s Central Midwest Multifamily team.
Image courtesy of Lakeshore Apartments