Suburban Indy Community Changes Hands

The buyer, Muesing Management, secured more than $7 million in short-term financing from Merchants Bank of Indiana to fund the acquisition.
Harbour Town Apartments

EMK Property Investors has sold the Harbour Town Apartments, a 104-unit community north of Indianapolis, to Muesing Management, according to Yardi Matrix data. Merchants Bank of Indiana provided the buyer with $7.6 million in acquisition financing. The mortgage matures in September 2020.

Located at 401 Harbour Town Drive in Noblesville, the garden-style community’s eight two- and three-story buildings are roughly 30 miles north of central Indianapolis. The western edge of the 1,500-acre Morse Reservoir is in the immediate area, as is a shopping center with several dining and shopping options.

The community, opened in 1974, contains one- and two-bedroom units, with floorplans ranging in size from 780 to 965 square feet. Property amenities include a fitness center, a swimming pool, three laundry facilities, a basketball court, private boat docks and a playground. The asset, which was last renovated in 2012, was 98.1 percent occupied in January, notably higher than the 94.3 percent average occupancy rate in the Westfield-Noblesville submarket, Yardi Matrix data shows.

Investment activity in suburban Indianapolis has been intense recently. In January, a 314-unit community changed hands in the neighboring city of Carmel. McKinley Properties, the seller, acquired the asset in 2003.

Image courtesy of Yardi Matrix