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AcquisitionsIndianaMidwestMultifamily

CBRE Arranges Sale of 996-Unit Riverbend Apartments in Indianapolis

by Kristin Harlow

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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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Arranges $4.6M Sale of Retail Center in Columbus, Indiana

by Kristin Harlow

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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DevelopmentIndianaMidwestMultifamilyStudent Housing

Core Spaces, Harrison Street to Build 1,492-Bed Student Housing Community Near Indiana University

by Kristin Harlow

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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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Brokers $12.4M Sale of Retail Center in Valparaiso, Indiana

by Kristin Harlow

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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IllinoisIndianaMarket ReportsMidwestMidwest Market ReportsMinnesotaMultifamilyWisconsin

Why Invest in Midwest Multifamily in 2025?

by Kristin Harlow

By Lee Kiser, Kiser Group Multifamily real estate investment in the Midwest in 2025 presents a compelling opportunity, driven by strong fundamentals, favorable market dynamics and emerging trends. Here’s an overview of the key trends and outlook. Strong rent growth Midwestern cities are experiencing some of the fastest rent increases in the nation. Cleveland leads with a 5.1 percent year-over-year rent growth, while other metros like Chicago, Kansas City and Detroit rank among the top 10 for rent gains, outperforming the national average. This surge is attributed to steady demand and limited new supply, allowing landlords to continue raising rents.  Much of the rent growth is due to declining construction activity. Nationally, multifamily construction is expected to decline by 11 percent in 2025, with completions projected to fall to 317,000 units. The Midwest has a significantly smaller pipeline than the national statistics, with only 3.4 percent of inventory currently under construction versus 6 percent nationally. Workforce housing stock The Midwest is recognized for its affordability, with monthly multifamily rents averaging $1,405, which is lower than the national average of $1,823 and more than 10 percent less than the Sun Belt average. Midwest transaction velocity is shifting toward Class B and …

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AcquisitionsIndianaIndustrialMidwestSelf-Storage

Argus Arranges $7.4M Sale of Self-Storage Facility in West Lafayette, Indiana

by Kristin Harlow

WEST LAFAYETTE, IND. — Argus Self Storage Advisors has arranged the sale of an Extra Space Storage facility in West Lafayette for $7.4 million. Located at 2575 Cumberland Ave., the property features 56,950 net rentable square feet. The transaction included expansion land for an additional 30,000 square feet. Rob Schick of Argus represented the undisclosed seller. The asset was 94 percent leased at the time of sale.

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AcquisitionsIndianaMidwestRetail

Prudent Growth Buys Rivergate Shopping Center in Metro Indianapolis for $4.4M

by Kristin Harlow

SHELBYVILLE, IND. — Prudent Growth Partners LLC has purchased Rivergate Shopping Center in the Indianapolis suburb of Shelbyville for $4.4 million. Built in 1985 and renovated in 1995, the 45,314-square-foot property is currently home to 10 tenants with staggered lease expirations. The center has been well maintained, and no significant deferred maintenance needs exist, according to Prudent Growth.

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AcquisitionsIndianaIndustrialMidwest

Marcus & Millichap Brokers $28M Sale of Carmel Tech Center in Metro Indianapolis

by Kristin Harlow

CARMEL, IND. — Marcus & Millichap has brokered the $28 million sale of Carmel Tech Center, a three-building, 209,056-square-foot industrial flex portfolio in the Indianapolis suburb of Carmel. The properties include 833-887 Carmel Drive, a 58,430-square-foot building constructed in 1988 and renovated in 2022; 12302-12388 Hancock St., a 74,074-square-foot building completed in 1988 and renovated in 2016; and 12202-12292 Hancock St., a 76,552-square-foot asset constructed in 1988 and renovated in 2004. Anchor tenants across the portfolio include Vantiva, Stryker Orthopaedics, Live Nation, Option Care Health, Securitas Technology, Snap One Partner Store and T2 Systems.  Julia Evinger of Marcus & Millichap represented the seller, a national commercial real estate investment and development company, and procured the buyer, a Midwest-based private commercial real estate investment company.

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AcquisitionsIndianaMidwestOffice

Keystone Group Acquires 120 Monument Circle Office Building in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Keystone Group has acquired 120 Monument Circle, the former headquarters of Elevance Health (previously Anthem) in Indianapolis. Keystone has recently acquired and redeveloped more than 1 million square feet of vacant office buildings within one city block marking over $250 million in investment into luxury mixed-use, residential, retail and hospitality developments in downtown Indianapolis. The Indianapolis-based development company will transform 120 Monument Circle, which is currently vacant and is the most expansive property on Monument Circle. Redevelopment plans are still in the early stages and call for rooftop views, outdoor amenities, parking and maximized retail and restaurant spaces. Keystone will work with the community, including civic, nonprofit, higher education institutions and anchor corporations based in downtown Indianapolis as well as city and state leaders.

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AcquisitionsIndianaMidwestMultifamily

IPA Brokers Sale of 183-Unit Multifamily Community in Metro Louisville

by Abby Cox

SELLERSBURG, IND. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Heritage Square, a 183-unit multifamily community located roughly 10 miles north of Louisville, Ky. Built in 2022 on nine acres, the garden-style apartment complex features one-, two- and three-bedroom floorplans ranging in size from 660 square feet to 1,765 square feet. Amenities at the property include a clubhouse, fitness center and a dog park. Aaron Kuroiwa, Will Balthrope and Drew Garza of IPA, as well as Tony Rogers of Marcus & Millichap, represented the seller, Form G Cos., and procured the buyer, Focused Capital, in the transaction. Josh Caruana served as Marcus & Millichap’s broker of record in Indiana in the deal.

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