Indiana

Connor Group Acquires 322-Unit Carmel Center Apartments in Suburban Indianapolis

by Kristin Harlow December 6, 2023

CARMEL, IND. — The Connor Group has acquired Carmel Center Apartments in suburban Indianapolis for an undisclosed price. The luxury apartment property, built in 2002, features 322 units. Amenities include a pool, sundeck, outdoor chef’s kitchen and fitness center. Carmel Center marks Connor Group’s third purchase in the Midwest region this year and its seventh acquisition in 2023, bringing its total assets under management to more than $4.5 billion. Wick Kirby, Amanda Friant, Mark Stern, Matthew Lawton and Sam Grohe of JLL represented the seller, NTS Development with an institutional partner.

December 6, 2023

Acquisitions Indiana Industrial Midwest

Colliers Arranges Sale of 59,511 SF Industrial Building in Indianapolis

by Kristin Harlow December 5, 2023

INDIANAPOLIS — Colliers has arranged the sale of a 59,511-square-foot industrial building located at 5740 Decatur Blvd. within the Ameriplex Business Park in Indianapolis. The sales price was undisclosed. Alex Cantu and Alex Davenport of Colliers represented the sellers, Brennan Investment Group and Farallon Capital. A combination of private family offices purchased the asset via a 1031 exchange. DABICO Airport Solutions, an equipment manufacturer serving the aviation industry, fully occupies the facility on a new, five-year triple net lease. The property recently received improvements such as a new roof.

December 5, 2023

Affordable Housing Indiana Loans Lument Midwest Multifamily Ohio

Lument Provides Four Loans Totaling $11.5M for Refinancing of Affordable Housing Properties Across Three States

by Kristin Harlow December 4, 2023

OHIO, INDIANA AND TENNESSEE — Lument has provided four loans totaling $11.5 million on behalf of United Church Homes, a nonprofit that has developed more than 2,700 residential units and specializes in affordable and mixed-income apartment communities. Paul Weissman and Andy Nicoll of Lument originated the FHA Section 223(f) loans. The four loans include $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit property in Fort Wayne, Ind.; $2.3 million for Fox Hollow, a 40-unit community in Covington, Tennessee; and $2.5 million for Canal Village, a 45-unit asset in Canal Winchester, Ohio. Loan proceeds enable the borrower to make significant repairs to the units.

December 4, 2023

Indiana Industrial Loans Midwest

Scannell Properties Receives Financing for Recapitalization of 10.4 MSF Industrial Portfolio Valued at $1.2B

by Kristin Harlow December 1, 2023

INDIANAPOLIS — Indianapolis-based Scannell Properties has received funding from Manulife Investment Management for the recapitalization of a 35-property industrial portfolio. The portfolio includes assets in 17 markets totaling 10.4 million square feet and valued at $1.2 billion. Scannell says the financing provides additional liquidity that it will use to create further value through completion of construction, leasing management and operation. The portfolio includes properties in various stages of development. Further details were not provided.

December 1, 2023

Affordable Housing Development Indiana Loans Midwest Multifamily Seniors Housing

Merchants Capital Provides $17.4M in LIHTC Equity Financing for Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow November 29, 2023

FORT WAYNE, IND. — Merchants Capital has provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Reserve on Park Place, an affordable seniors housing community in Fort Wayne. Brown Capital Group, Leo Brown Group and Rogers Development Group are developing the 187-unit property. Restricted to seniors age 55 and older, the three-story community will feature 15 studios, 136 one-bedroom units and 36 two-bedroom units for residents earning up to 80 percent of the area median income. The units are designed to support senior and special needs with features such as handrails, grab bars, intercoms, limited access and video surveillance. Completion is slated for April 2025.

November 29, 2023

Acquisitions Healthcare Indiana Midwest

Echo Real Estate Capital Acquires 33,000 SF Medical Office Building in Carmel, Indiana

by Kristin Harlow November 22, 2023

CARMEL, IND. — Echo Real Estate Capital Inc. has acquired Three Penn Mark, a 33,000-square-foot medical office building located in the Penn Mark Plaza office park in Carmel, a suburb of Indianapolis. The purchase price was undisclosed. Tenants at the fully leased property include Ascension-St. Vincent, Turkle & Associates Center for Plastic Surgery and Abram’s Eyecare. Jackson Investment Group represented Echo in the purchase, while Colliers represented the undisclosed seller. FORUM Credit Union and T2 Capital Management provided acquisition financing. Echo plans to make capital improvements to the property. Echo’s Indianapolis-area portfolio now includes five buildings and nearly 200,000 square feet of hospital-anchored medical space.

November 22, 2023

Development Indiana Midwest Restaurant Retail Top Stories

RH Opens 151-Acre Showroom and Dining Destination in Indianapolis

by John Nelson November 21, 2023

INDIANAPOLIS — RH (NYSE: RH), a home furnishings retailer formerly operating as Restoration Hardware, has opened RH Indianapolis, The Gallery at DeHaan Estate. Located at 4501 N. Michigan Road, the 151-acre property houses a 60-room, Palladian-style villa that RH has repurposed as a unique showroom and dining destination. RH Indianapolis carries home furnishing collections from the company’s Interiors, Contemporaries, Modern and Outdoor catalogues. The estate’s east and west wings include showrooms from the various RH collections, including bedroom suites on the upper level. The RH Interior Design Studio occupies the east wing’s former billiards room. Clients are able to receive professional design services via the interior design studio space, which features a private presentation room and libraries that carry RH’s various textile, furniture and lighting finishes. RH has advanced into the food-and-beverage industry in recent years, and RH Indianapolis is the latest showcase with The Dining Room restaurant and the Wine Bar and Terrace experiences. The two dining venues open onto the estate’s 35-acre private lake. The Dining Room occupies the villa’s former ballroom space, and the Wine Bar operates from the mansion’s west wing. The Terrace experience is located off the main house and includes RH Outdoor lounge spaces. …

November 21, 2023

Affordable Housing Indiana Loans Midwest Multifamily Ohio

Merchants Capital Provides $184M for Refinancing of Seven Midwest Workforce Housing Properties

by Kristin Harlow November 8, 2023

INDIANA, KENTUCKY AND OHIO — Merchants Capital has provided $184 million in separate seven-year loans for the refinancing of seven workforce housing properties in Indiana, Kentucky and Ohio. Zidan Management Group, a Midwest-based multifamily owner and developer, was the borrower. The properties include: Barton Farms Apartment Homes in Greenwood, Ind.; Bexley Village in Greenwood, Ind.; Creekside at Meadowbrook in Lowell, Ind.; Tymberwood Trace Apartments in Louisville, Ky.; Crestview Apartments in Louisville, Ky.; Camelot East Apartments in Fairfield, Ohio; and Meadow View Apartments & Townhomes in Springboro, Ohio. There are more than 1,500 units across the portfolio. The communities offer naturally occurring affordable housing with rent pricing affordable to households earning at or below 80 percent of the area median income.

November 8, 2023

Development Indiana Midwest Multifamily Student Housing

Subtext Breaks Ground on 449-Bed Student Housing Community at Purdue University

by Kristin Harlow November 8, 2023

WEST LAFAYETTE, IND. — Subtext has broken ground on its second property at Purdue University in West Lafayette. Brinkmann Constructors is the general contractor for the 449-bed, 245,700-square-foot student housing community. Completion is slated for August 2025. The development will offer a mix of studio, one-, two-, three- and four-bedroom units. All of the units will be fully furnished. Designed by ESG Architecture and Design, the project will feature more than 15,000 square feet of amenity spaces, including a coffee bar, clubroom, study rooms, fitness center, pet grooming area, pool, spa and dog run. This fall, total enrollment reached a record 52,211 students at Purdue.

November 8, 2023

Acquisitions Indiana Midwest Multifamily

CBRE Arranges Sale of 196-Unit Apartment Complex in Carmel, Indiana

by Kristin Harlow November 6, 2023

CARMEL, IND. — CBRE has arranged the sale of VER at Proscenium, a 196-unit apartment complex in the Indianapolis suburb of Carmel. The sales price was undisclosed. Located at 1225 Veterans Way and completed in 2021, the property features studio, one- and two-bedroom floor plans. Amenities include a pool, fitness center, pet spa, virtual sports simulator, coworking space and resident beer tab. The community’s retail space is home to Wahlburgers, 101 Beer Kitchen and Lux Lab Hair + Body. Steve LaMotte Jr., Dane Wilson and Ross Wettersten of CBRE represented the undisclosed seller. Sterling Group was the buyer.

November 6, 2023

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