RailField Acquires 218-Unit Community Near Indy
This marks the company’s first purchase in the Midwest.
RailField has acquired The Hangar on Emerson, a 218-unit multifamily property in Greenwood, Ind., an Indianapolis submarket. The Garrett Cos. sold the asset and CBRE arranged the deal on its behalf.
This marks RailField’s entry in the Indianapolis market and its first acquisition in the Midwest region.
The Class A community came online last year and features three mid-rise buildings. The unit mix includes one-, two- and three-bedroom layouts, ranging in size from 663 to 1,433 square feet. Select apartments have private balconies or patios.
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Common-area amenities at the almost 9-acre property include a fitness center, heated swimming pool with cabanas, spa, clubhouse and business center, yoga room, an on-site coffee shop and private garages. The community also has a courtyard with seating area, outdoor kitchen with gas grills, pet park and spa.
The Hangar on Emerson is at 1140 Emerson Pointe Drive, adjacent to the Indy South Greenwood Airport and close to several retail and dining destinations. Downtown Indianapolis is 13 miles northwest.
CBRE Vice Chairs Hannah Ott, George Tikijian, First Vice President Cam Benz, along with Associates Claire Bullard and Ryan Stockamp represented the seller in the transaction.
Indy’s multifamily market remains steady
Indianapolis multifamily investors traded 28 communities—about 5,450 units—year-to-date through August, for $414 million, Yardi Matrix information shows. During 2023’s same period, 32 assets—6,600 units—changed hands for $577 million. Year-over-year, apartment sale prices remained similar, rising from $97,719 to $100,635.
In July, D.R. Horton sold Sandalwood West, a 142-unit build-to-rent community in Greenfield, Ind. A real estate fund managed by Up&Up purchased the recently completed asset.
A few months earlier, Hudson Investing and Midloch Investment Partners expanded their Indianapolis inventory with the acquisition of Jackson Run Townhomes, an 84-unit property in Whiteside, Ind. The build-to-rent community came online last year.
