INDIANAPOLIS, SOUTH BEND AND BLOOMINGTON, IND. — International Workplace Group (IWG), a hybrid workspace platform with brands such as Spaces, Regus and HQ, has added three new coworking spaces in Indiana. The company’s footprint now totals more than 20 locations in the state. The new locations are at 863 Massachusetts Ave. in Indianapolis, 701 N. Niles Ave. in South Bend and 3802 E. 3rd St. in Bloomington. The Bloomington facility is now open, while the others will debut later this year. All will include private offices, meeting rooms, coworking and creative spaces. Citing explosive market growth as companies of all sizes adopt hybrid working for the long term, IWG says that 30 percent of all commercial real estate will be flexible workspace by 2030.
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Morgan Properties Acquires 11-Property Midwest Multifamily Portfolio for $501M
CONSHOHOCKEN, PA. — Morgan Properties has acquired a portfolio of 3,054 apartment units across 11 communities in eight states. Chicago-based Trilogy Real Estate Group was the seller in the deal, which was valued at $501 million. The communities — which are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee — were built between 1989 and 2018. Adam Doneger and Josh King of Newmark brokered the sale of 10 of the communities in the portfolio, while Walker & Dunlop brokered the sale of one property. Morgan Properties states that the firm plans to implement a value-add strategy to increase the marketability and comfort of the properties. Interior upgrades will include the installation of new flooring, appliances, cabinets and countertops, as well as smart home features. The new owner will also expand and refresh the onsite amenities. The acquisition expands Morgan Properties’ apartment holdings to more than 100,000 units across the nation. The Conshohocken-based development and investment firm now owns and operates roughly 360 communities in 22 states. “As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment,” said Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties. “Morgan Properties has a proven …
INDIANAPOLIS — PRP has acquired Cosmopolitan on the Canal, a 218-unit Class A apartment complex located along the Central Canal in downtown Indianapolis. The purchase price was undisclosed. Constructed in 2010, the community’s interiors remain in their original condition and will undergo a comprehensive renovation. The property is situated in the Canal Walk District and features a waterfront setting.
WEST LAFAYETTE, IND. — Landmark Properties, in partnership with Manulife Investment Management, has broken ground on The Standard at West Lafayette, a 678-bed student housing project located adjacent to Purdue University in West Lafayette. Peninsula Investments also partnered on the project. Landmark Urban Construction, the in-house general contractor for Landmark Properties, is building the development. The 253-unit community is slated to deliver in time for the 2027 academic year. The Standard at West Lafayette will offer fully furnished residences with floor plans ranging from studios to four-bedroom units. Spanning 18,234 square feet, amenities will include a rooftop clubhouse with an outdoor heated pool and fitness center as well as a fourth-floor amenity level with seating, a gaming lounge and interior courtyard. The property will feature more study spaces than any other student housing community in West Lafayette, according to Landmark. The garage will feature parking for 207 vehicles. BKV Group is the architect. The project marks Landmark’s second student housing development in Indiana, following The Standard at Bloomington, which opened in fall 2023.
FISHERS, IND. — Thompson Thrift has sold Slate at Fishers District, a 242-unit luxury build-to-rent community in the Indianapolis suburb of Fishers. Bonaventure Holding Co. purchased the property for an undisclosed price. George Tikijian, Hannah Ott, Ted Abramson, Cam Benz, Claire Hassfurther, Ryan Stockamp and Sean Pingel of CBRE brokered the sale. Slate at Fishers District features one-, two- and three-bedroom villas as well as three- and four-bedroom townhomes. Amenities include a clubhouse, fitness center, pool, bark park and dog spa. Construction wrapped in May 2024, and the property’s occupancy now exceeds 90 percent. Slate at Fishers District is one of five developments within the larger Fishers District. Once completed, the $750 million project will span 123 acres and include multifamily, hotel, office, dining, shopping and entertainment options.
EVANSVILLE, IND. — Huff, Niehaus & Associates Inc. has negotiated the sale of the Comfort Inn East Evansville hotel for an undisclosed price. The three-story, limited-service hotel features 111 rooms. Shriv Shakti Hospitality Inc. acquired the property for less than $50,000 per room from Priyansu Hotels LLC. Brandt Niehaus of Huff, Niehaus & Associates represented the seller.
By Chris Bruzas, Berkadia After a particularly challenging and unpredictable 2024, marked by continued interest rate volatility and a persistent bid-ask spread differential that contributed to low transaction volume, the Indianapolis apartment market is showing promising signs of stabilization as we move into 2025. Yardi Matrix data highlights Indianapolis’ resilience, posting 2.7 percent year-over-year rent growth in November. This performance is especially noteworthy as it surpasses several popular Sun Belt markets, which have experienced declines, dipping into negative territory. The outlook for 2025 appears more balanced, with new supply moderating to approximately 3,500 units from 2024’s record-breaking 6,500+ deliveries. This timing aligns well with the market’s strong population growth, as Indianapolis expects to welcome 22,200 new residents in 2025, significantly exceeding the historical average of 12,800 annual net movers. Key factors of the population’s growth are due to the presence of reputable universities and colleges, such as Indiana University-Purdue University Indianapolis (IUPUI). Compared with other major metropolitan areas, Indianapolis offers a relatively low cost of living, making it an attractive destination for those looking to maximize their quality of life without the high expenses associated with larger cities. The region’s economic fundamentals remain strong, anchored by transformative projects including Eli …
FISHERS, IND. — Bradford Allen has acquired the SpringHill Suites Indianapolis Fishers hotel, a 130-room select-service hotel located adjacent to the new Cadillac Formula 1 headquarters, which is being developed by Bradford Allen. The purchase price was undisclosed. Located near I-69 in the Indianapolis North Loop submarket, the hotel is less than three miles from the new Fishers Event Center and within 20 miles of the Indianapolis Motor Speedway. Opened in 2007 and renovated in 2016, the property features an indoor pool, meeting room, convenience store, fitness center, laundry room, complimentary breakfast buffet and complimentary onsite parking. Since launching its hospitality platform in 2022, Bradford Allen has acquired seven hotels totaling about 900 rooms.
GREENWOOD, IND. — Meridian Design Build has completed a build-to-suit for a North American provider of less-than-truckload (LTL) freight services on a 43-acre site at 2955 Allen Road in Greenwood. Scannell Properties was the developer. The project features a 125-door, cross-docked truck terminal with 123 loading positions and 11,000 square feet of office/support space. An adjacent, freestanding maintenance building includes six fully equipped service bays and a truck wash bay. The site is paved to accommodate 350 employee/driver parking stalls, 219 trailer storage positions, 175 tractor stalls and 247 van stalls. Bill Thomas Architect provided architectural services and American Structurepoint handled the civil engineering.
INDIANAPOLIS — Skender has completed interior construction on a new 15,370-square-foot office for advisory, tax and assurance firm Baker Tilly in Indianapolis. Located at 9229 Delegates Row within the 19-story Keystone Office Park, the workspace features a mix of private offices, open workstations, collaboration areas, conference rooms and a lounge/café. Notable elements include water vapor fireplaces accented by swinging lights, cutting-edge audio/visual technology and integrated security systems. Skender completed the build-out in 21 weeks. Partners by Design served as architect, a d a Design Associates provided design services, COFCO provided furniture, Automation Arts completed audio/visual technology and Southern Lighting designed the lighting.
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