The Park at Eagle Creek in Indianapolis Draws Out-of-Market Buyer
- Mar 25, 2016
Indianapolis–The sale of The Park at Eagle Creek, a 240-unit apartment community situated on the city’s popular west side, has demonstrated once again that the Indianapolis multifamily market continues to be attractive to investors seeking their first acquisition in the metro.
CBRE has facilitated the sale of the property, which boasts large units with an average size of 973 square feet, beautifully landscaped wooded grounds, high-end unit features and a wide range of amenities, including a resort-style pool area.
CBRE Capital Markets’ Central Midwest Multifamily team in Indianapolis acted on behalf of Meridian Realty Investments, the asset manager for the property’s ownership group. Block Funds, a real estate equity firm and Block Multifamily Group, a national multifamily management services company, purchased the community, which marks their first acquisition in the Indianapolis market.
The Park at Eagle Creek was offered to potential buyers as a portfolio along with the 400-unit Village of Spring Mill in Carmel. Combined, the assets attracted 19 offers. In an earlier deal, Denver-based Monarch Investment, who acted on behalf of a private investor based on the West Coast, purchased The Village of Spring Mill in November 2015.
The number of offers the two properties received shows that Indianapolis continues to attract out-of-market investors. Both communities have sparked the interest of buyers seeking to make their first acquisition in the Indianapolis multifamily market; Since 2015, CBRE assets have drawn more than 50 bidders that had no previous Indianapolis acquisitions.
“The sale of The Park at Eagle Creek is yet another example of new capital sources establishing a presence in the Indianapolis multifamily market,” Steve LaMotte, senior vice president and member of CBRE Capital Markets’ Central Midwest Multifamily team, said in prepared remarks.
“With its proximity to Eagle Creek Reservoir, which provides a package of amenities like biking, golf and water activities for our residents, plus the convenient access to I-465, The Park at Eagle Creek is a positive addition to the Block Multifamily Group portfolio,” added Bill Larson, CPM, president Block Multifamily Group.
The Park at Eagle Creek sold for an undisclosed amount. At the time of closing, the property was 91 percent occupied.
Image courtesy of CBRE