Essex Realty Group Brokers IN Community Sale

Mayfield Apartments, a 52-unit, garden-style community near Valparaiso University in Porter County, changed hands for $2.7 million.
156 Mayfield Ave., Valparaiso, Ind.
156 Mayfield Ave., Valparaiso, Ind.

Essex Realty Group has brokered a multifamily property sale in Valparaiso, Ind., for $2.7 million. Mayfield Apartments is a 52-unit garden-style community located near Valparaiso University in the northwest Indiana suburb of Valparaiso, home to one of the largest Midwest multifamily completions.

The previous owner of the property is Banner Property Management, according to real estate data provider Yardi Matrix. Directors Brian Kochendorfer, Brian Karmowski and Troy Beebe were the brokers involved in the transaction.

Located at 156 Mayfield Ave., the property was completed in 1968 and features one- and two-bedroom units. It consists of 13 buildings, which were approximately 90 percent occupied as of April, according to Yardi Matrix data. The community is within walking distance of several retail businesses on Laporte Ave. and within Eastgate Plaza.

The asset is backed by a $1.5 million Fannie Mae loan, which matures in October 2018. Greystone Servicing Corp. originated the financing in 2008.  

Image courtesy of Yardi Matrix