Indiana

MICHIGAN CITY, IND. — Marriott International will open a Renaissance Hotel as the hospitality anchor of SoLa, a $305 million resort-style community from Farpoint Development in northern Indiana’s Michigan City. SoLa will feature 170 condominiums, 18 townhomes, vacation rentals and retail options along the southern shore of Lake Michigan within the city’s Uptown Arts District. The 12-story Renaissance Hotel will span the east side of SoLa and include 240 rooms, including 24 suites. Amenities will include a full-service spa, fitness center and indoor pool with a retractable glass wall opening onto a lakeside terrace. A restaurant with open-air dining deck overlooking the lake will occupy the hotel’s 12th floor, while a ballroom and meeting spaces will be one flight below. Koo Architecture designed SoLa. Construction is planned to begin in January and last approximately two years. Kacia Snyder of Encore Sotheby’s International Realty | Jameson Sotheby’s International Realty is the listing agent.

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CLARKSVILLE, IND. — Huff, Niehaus & Associates Inc. has arranged the sale of the 119-room Hampton Inn Louisville-North/Clarksville hotel in Clarksville, a northern suburb of Louisville. The sales price was undisclosed. The property at 1501 Broadway St. is situated near downtown Louisville and the Kentucky International Convention Center. Kingdom Broadway LLC purchased the asset from HHB LLC. The new ownership, which owns eight hotels, plans a comprehensive renovation of the property.

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MUNCIE, IND. — Marcus & Millichap has negotiated the $3.7 million sale of a 49-unit multifamily portfolio in Muncie. The portfolio includes Randy’s Court, a 24-unit townhome community at 222 W. Centennial Ave. that was built in 1978; and Streeter Court Apartments, a 25-unit multifamily property at 111 E. Streeter Ave. that was built in 1994. Aaron Kuroiwa and Austin Meeker of Marcus & Millichap represented the seller, Streeter25 LLC, and procured the buyer, Deed Holdings – 5050 LLC.

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INDIANAPOLIS — The Community Builders (TCB) and the Mapleton Fall Creek Development Corp. (MFCDC) have broken ground on Central@29, a new $19.5 million affordable housing development to be built on the corner of 29th Street and Central Avenue in Indianapolis. The four-story community will feature 57 units in the city’s Mapleton Fall Creek neighborhood. Eleven homes will be reserved for individuals emerging from homelessness. Units will range from 675 to 1,200 square feet. Income restrictions for individuals and families range from $17,000 to $70,000 per year. Residents will have access to supportive services from partners such as Raphael Health Center. In 2023, MFCDC was awarded Low-Income Housing Tax Credits from the Indiana Housing and Community Development Authority (IHCDA). Over a 10-year period, the MFCDC will receive $10 million in tax credits to support Central@29. Additional costs will be supported by the Department of Metropolitan Development HOME and Community Development Block Grants, the city’s Housing Trust Fund, the IHCDA Housing Trust Fund, the Indiana Development Fund and development loans sourced through The Urban League and the Indianapolis African American Quality of Life Initiative. Construction of Central@29 is slated for completion by winter 2026.

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WHITESTOWN, IND. — SkyREM has purchased a newly constructed warehouse totaling 565,560 square feet within 65 Commerce Park in the Indianapolis suburb of Whitestown. The development offers direct access to I-65 and proximity to the Indianapolis International Airport and CSX railroads. The facility is fully automated with robotics and is fully leased to a global e-commerce platform specializing in fashion. The property features a clear height of 36 feet and 55 dock doors. SkyREM purchased the asset from Strategic Capital Partners, a developer headquartered in Indianapolis.

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COLUMBUS, IND. — Piping Rock Partners, a San Francisco-based investment firm focused on value-add multifamily real estate in the Midwest, has sold Fox Pointe Apartments in Columbus for $13.8 million. CBRE represented the seller and buyer, an affiliate of Equity Property Management LLC. Piping Rock purchased the 120-unit multifamily property in 2010 for $4.7 million and invested more than $1 million in renovations, including a fully remodeled clubhouse, new roofing and siding, and interior upgrades such as new appliances, cabinetry, countertops, flooring and lighting.

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INDIANAPOLIS — CBRE has arranged the sale of Riverbend Apartments, a 996-unit multifamily property in Indianapolis. Pensam Capital purchased the community from Pepper Pike Capital Partners for an undisclosed price. Located at 8850 River Bend Parkway, the property has undergone more than $20 million in renovations since 2020. Amenities include a pool, fitness center, tennis and basketball courts, a movie theater and golf simulator. Units average 895 square feet. Hannah Ott, George Tikijian, Cam Benz, Claire Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller.

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COLUMBUS, IND. — Marcus & Millichap has arranged the $4.6 million sale of Holiday Center, a 26-unit retail center in Columbus, about 45 miles south of Indianapolis. The fully leased property totals 59,117 square feet across four buildings. Forest Bender and Joseph DiSalvo of Marcus & Millichap represented the Indiana-based seller. The new ownership plans to enhance income through strategic leasing and explore potential outlot development, according to Bender.

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BLOOMINGTON, IND. — Core Spaces and Harrison Street have partnered to build Hub Bloomington Lincoln, a 1,492-bed student housing community near Indiana University. Located on Lincoln Street within the university’s designated mixed-use student housing zone, the five-story development will include 461 units ranging from studios to five-bedroom layouts. There will be roughly 34,000 square feet of indoor and outdoor amenity spaces, including a fitness center, rooftop pool, basketball court, study areas and a spa with sauna. Construction is underway, and completion is slated for summer 2027. Wells & Wells is the general contractor, and DLR Group is leading architecture and design. TSB Capital Advisors consulted on the joint venture and arranged financing from affiliates of QuadReal Property Group.

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VALPARAISO, IND. — Marcus & Millichap has brokered the $12.4 million sale of Coolwood Plaza in Valparaiso. Anchored by a Strack & Van Til grocery store, the property is home to 11 tenants. The center is also home to a separately leased commissary space operated by Strack & Van Til that supports food preparation and distribution for 21 regional locations. Mitchell Kiven and Nicolas Kanich of Marcus & Millichap represented the seller, an entity affiliated with Chicago-based developer Weiss Entities LLC. Kiven procured the buyer, BC Wood Properties.

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