Wednesday, August 27, 2025
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AcquisitionsIndianaMidwestMultifamily

Marcus & Millichap Negotiates $4.9M Sale of Multifamily Property in Marion, Indiana

by Kristin Harlow

MARION, IND. — Marcus & Millichap has negotiated the $4.9 million sale of Park Forest Apartments in Marion, which is located about midway between Indianapolis and Fort Wayne. The 64-unit multifamily property at 1005 N. Park Forest Drive features two-bedroom units. Each 900-square-foot residence has undergone recent renovations, including new balconies, windows, HVAC systems and water heaters. Quentin Benedetto, Kyle Stengle and Jack Stanton of Marcus & Millichap represented the seller, Pentagon Investment Group. Benedetto and Stanton procured the buyer, Ross McCarthur, co-founder of Follow The Deal Investments.

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AcquisitionsIndianaIndustrialMidwest

CBRE Arranges $5.3M Sale of Industrial Property in Bremen, Indiana

by Kristin Harlow

BREMEN, IND. — CBRE has arranged the $5.3 million sale of a 142,914-square-foot industrial property at 833 Legner St. in Bremen, a city in northern Indiana. A building was fully leased with 6.3 years remaining on the lease to Patrick Industries, a manufacturer and supplier of interior and exterior component solutions for the RV, marine, powersport and housing markets. Situated on 9.7 acres, the facility features 16 grade-level doors with clear heights ranging from 12 to 24 feet. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo and Terry Busch of CBRE represented the private seller. The asset sold to a private, high-net-worth 1031 exchange buyer from California.

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DevelopmentIndianaMidwestMultifamilyStudent Housing

Subtext Opens 449-Bed Student Housing Community at Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Subtext has opened EVER West Lafayette, a six-story, 449-bed student housing community located steps from Purdue University. The project at 147 W. Wood St. marks Subtext’s second development in West Lafayette and the first to launch under its new EVER brand. The 245,649-square-foot development includes 143 units ranging from studio to four-bedroom layouts, including three- and four-bedroom townhomes. Amenities include a resort-style courtyard with a pool, hot tub and jumbotron, along with a fitness center, yoga studio, coffee bar, open study lounges, outdoor kitchen, pet spa and bike storage. Subtext developed the project in partnership with Kayne Anderson Real Estate. First Mid Bank & Trust provided financing. ESG Architecture & Design served as architect and interior designer, and Brinkmann Constructors was the general contractor.

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AcquisitionsIndianaMidwestMultifamily

Marcus & Millichap Brokers $7.4M Sale of Multifamily Portfolio in Indiana

by Kristin Harlow

INDIANA — Marcus & Millichap has brokered the $7.4 million sale of a portfolio with 76 apartment units and three retail spaces in Hartford City, Spiceland, Knightstown and Rushville. The four properties were built between 2017 and 2021. Jack Friskney, Aaron Kuroiwa and Austin Meeker of Marcus & Millichap represented the seller, KDC Investments, and procured the buyer, PRE/3.

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DevelopmentIndianaMidwestMultifamilyStudent Housing

Purdue Research Foundation, ACC Open 984-Bed Student Housing Community at Purdue University

by Kristin Harlow

WEST LAFAYETTE, IND. — Purdue Research Foundation (PRF) and American Campus Communities (ACC) have opened 3rd & West, a 984-bed student housing development at Purdue University in West Lafayette. Located at the intersection of Third Street and McCormick Road, the complex rises five stories and totals 325,000 square feet. Units come in studio, one-bedroom, two-bedroom and four-bedroom configurations. Amenities include an entry plaza for community gatherings, dual courtyards, study lounges, private study rooms and a fitness center. The first students will move into the new housing at the start of the fall 2025 semester. A public-private partnership between PRF and ACC developed the project. SCB served as architect.

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DevelopmentHospitalityIndianaMidwestMixed-Use

Marriott to Open Renaissance Hotel at $305M SoLa Mixed-Use Project in Michigan City, Indiana

by Kristin Harlow

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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AcquisitionsHospitalityIndianaMidwest

Huff, Niehaus & Associates Arranges Sale of 119-Room Hampton Inn Hotel Near Louisville

by Kristin Harlow

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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AcquisitionsIndianaMidwestMultifamily

Marcus & Millichap Negotiates $3.7M Sale of Multifamily Portfolio in Muncie, Indiana

by Kristin Harlow

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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Affordable HousingDevelopmentIndianaMidwestMultifamily

The Community Builders Breaks Ground on 57-Unit Affordable Housing Community in Indianapolis

by Kristin Harlow

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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AcquisitionsIndianaIndustrialMidwest

SkyREM Purchases 565,560 SF Warehouse in Metro Indianapolis

by Kristin Harlow

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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