GRANGER, IND. — Main Street Village Apartments in Granger, Ind. has sold for $37.8 million in a deal brokered by Marcus & Millichap Real Estate Investment Services. The complex, which includes 400 units and spans 373,145 square feet, is less than 10 minutes from the University of Notre Dame and 90 miles east of Chicago.
“This asset has a long history of high occupancy and steady rental growth within the most desirable submarket of the South Bend/Mishawaka MSA,” says Scott Harris, senior vice president of investments with Marcus & Millichap’s Chicago Oak Brook office. “With historical occupancy above 94 percent, no concessions and rising rents, Main Street Village Apartments stands as one of northern Indiana’s premier multifamily investments.”
The property is in close proximity to high-end retail, restaurants and entertainment venues, as well as the newly constructed Saint Joseph Regional Medical Center. The community’s many amenities include a fitness center, indoor gymnasium, tanning facility, sauna, locker room and showers, outdoor swimming pool with cabana, business center, car wash and vacuum center, common rooms with kitchen and billiards, 10,000-square-foot clubhouse, surround-sound movie theater and professionally landscaped grounds.
As for the units themselves, one-, two- and three-bedroom options are available for a total of 11 different floor plans. Included with every apartment are a washer and dryer, kitchen with built-in microwave, dishwasher, private patio or balcony with storage closet, 9-foot ceilings with crown molding, spacious closets and private entrance with intrusion alarms.
The complex, which was built in 2001, also provides 24-hour emergency maintenance, trash compactor, recycling station and valet trash pick-up. Island kitchen, one- or two-car attached garage, built-in bookshelves, garden bathtub, wood-burning fireplace and office area with computer nook are available with select units.
Harris, along with Alex Blagojevich of Marcus & Millichap’s Tampa office and David Gaines of the Chicago downtown office, represented the seller. The three also procured the buyer.
– John McCurdy