Marcus & Millichap Lists 128-Unit Indiana Community
- Jan 16, 2013
Highland, Ind.—Marcus & Millichap Real Estate Investment Services are marketing the sale of Embassy Place Apartments, a Class A community in Highland, Ind. The seller is a Northwest Indiana-based builder and the original developer of the property.
“When this was built, it mirrored condo-quality projects that developers were doing,” Michael Wernke, vice president investments, Marcus & Millichap, tells MHN. “This one they built to keep as rental housing because there was hardly anything else built in a three- or four-mile range since the ’70s, so it really filled a niche.”
The community includes 16 brick buildings, which were constructed between 1998 and 1999. Each building contains eight units. The 128 units have floor plans that feature two-bedroom/two-bathroom apartments, which range in size from 1,210 to 1,300 square feet. The apartments include two split bedrooms, fireplaces, utility rooms with washers and dryers, contemporary kitchens, patios or balconies, individual gas furnaces and central air conditioning.
Additional amenities for the community include attached garages in each building, as well as two additional outdoor spaces for each unit.
“It’s not a fully amenitized property,” Wernke says. “You don’t find a pool, there’s not a clubhouse or a workout facility. The community has agreements with the local gyms, but for the most part they’ve elected to keep those costs down and pass the savings on to the residents.”
Embassy Place Apartments is considered an especially appealing asset because of it’s located in the White Oak Estates community.
“This general location is very difficult for zoning for new apartments since it’s adjacent to the high-end residential neighborhood and is just a stone’s throw away from a main retail area,” Wernke says. “The location is really top-notch. It’s a very stable cash-flow position for a buyer to get into, with some upside potential.”