WEST LAFAYETTE, IND. — Brinkmann Constructors and Subtext have broken ground on VERVE, a seven-story student housing property located two blocks from the Purdue University campus in West Lafayette. Completion is slated for fall 2024. Located at 102 W. Wood St., the community will feature 751 beds across 235 units along with 265 parking spaces and 5,516 square feet of retail space. The units are fully furnished. Designed by WDG, the property features amenities such as a coffee bar, private study pods, group study rooms, a market, fitness center, lounge and two courtyards. The pool courtyard is equipped with an outdoor pool, hot tub, outdoor kitchen, multi-purpose turf lawn, grill stations and firepits. The Zen courtyard features a dog park and hammocks. This fall, total enrollment at Purdue reached a record high of 50,884 students.
CARMEL, IND. — Indiana-based Merchants Capital has closed Merchants Capital Tax Credit Equity Fund X LP. The fund represents the company’s second and largest national multi-investor fund with a total capital raise of $180 million from 15 institutional investors. The fund will infuse equity into 18 affordable housing properties that will create or preserve more than 2,400 affordable housing units in 12 states. The properties are in California, Texas, North Carolina, Connecticut, Missouri, Indiana, Ohio, Michigan, Illinois, Pennsylvania, Mississippi and Oregon.
CHICAGO AND LAFAYETTE, IND. — A joint venture between Chicago-based investment firm Harrison Street and Lafayette-based Trinitas has announced plans to develop four student housing projects in markets across the country that are aggregately valued at $450 million. The four projects will total 3,390 beds and will all be located within walking distance of campus for students at Indiana University, University of Central Florida, University of Wisconsin and University of Georgia. Construction timelines were not disclosed. Trinitas will assume property management responsibilities upon completion of each project. Current at Latimer Square will be a 906-bed, off-campus project in Bloomington, Indiana, that will serve students at Indiana University. The five-building development will feature units with bed-to-bath parity and a variety of floor plans, from studio to five-bedroom layouts. Amenities will include a pool, entertainment lounge, fire pits, tanning beds, green spaces, a fitness center and 442 parking spaces. Current Orlando, which will house students attending the University of Central Florida, will total 750 beds in studio, one-, two-, three- and four-bedroom units. Residences will be spread across three buildings, and the amenity package will comprise a pool, spa, basketball court, fitness center, study lounges and 690 parking spots. Atmosphere Madison will …
NEWPORT BEACH, CALIF. — Newport Beach-based Provender Partners has purchased a four-property food production and distribution portfolio totaling 483,000 square feet from SpartanNash for $29.9 million. The portfolio is made up of four temperature-controlled buildings. These include a 171,371-square-foot food processing and distribution facility in Indianapolis; a 160,986-square-foot food distribution facility in Minot, N.D.; a 103,838-square-foot grocery distribution property in Newcomerstown, Ohio; and a 42,124-square-foot frozen and refrigerated distribution building in Lakeland, Fla. All of the buildings were constructed between 1990 and 2005 and feature clear heights of 30 feet or higher. Provender plans a multi-million-dollar capital improvements program across the portfolio, including a full refrigeration refit, roof repairs, and interior and exterior upgrades to meet the demands of today’s food companies. Chuck Rosien of JLL represented the seller. With this acquisition, Provender has purchased 1.8 million square feet of cold storage and temperature-controlled facilities in 2022.
LA PORTE, IND. — Flaherty & Collins Properties has opened The Banks, a $35 million luxury apartment complex in La Porte, a city in Northwest Indiana. A grand opening event will take place this Thursday, Oct. 6. The Banks features 194 units with 5,000 square feet of retail space. Amenities include a pool, outdoor courtyard, bark park, fitness center and bike storage. Lake City Bank served as construction lender and Foss was the tax credit purchaser. The tax credit was for remediating a brownfield site. The La Porte Redevelopment Commission supported the development with tax-increment financing. Flaherty & Collins Construction served as general contractor. Construction began in September 2020. Monthly rents have not been released.
JEFFERSONVILLE AND KOKOMO, IND. — Kinship PACE of Indiana LLC has signed two 15-year leases for new locations in Jeffersonville and Kokomo. The tenant will occupy 16,261 square feet within Jeffersonville’s Youngstown shopping center and 14,056 square feet within Kokomo’s Southway Plaza shopping center. PACE stands for Program of All-Inclusive Care for the Elderly. Donna Korn and Beau Ladwig of Cushman & Wakefield along with E.P. Scherer of Cushman & Wakefield/Commercial Kentucky represented PACE in the Jeffersonville lease. Pearson 2016 Equity Inc. owns Youngstown. Korn and Ladwig, along with colleague Gerry Dick, represented the tenant in the Kokomo lease. Southway Plaza LLC is the landlord for the property.
LAFAYETTE, IND. — Marcus & Millichap has negotiated the sale of Brady Lane Self Storage in Lafayette, about 60 miles northwest of Indianapolis. The sales price was undisclosed. Located at 1909 Brady Lane, the 62,240-square-foot self-storage facility comprises 574 units across eight buildings. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, a California-based limited liability company. The duo also secured and represented the buyer, a Minnesota-based limited liability company.
WHITING, IND. — Kiser Group has brokered the $4 million sale of City Place Apartments in Whiting, a city located on the southern shore of Lake Michigan about 16 miles from the Chicago Loop. Constructed in 2015, the four-story building features 24 units. Ron Plonis, Jeff Leibovich and Kyle Sissell of Kiser brokered the transaction. The out-of-state buyer assumed the debt on the property and expects to increase rents as units turn over.
INDIANAPOLIS — COhatch and North High Brewing have opened at Circle Centre Mall in Indianapolis. CoOhatch offers coworking spaces, private offices and meeting and event space. North High Brewing features a selection of craft beers as well as a food menu. This is the second location for the brewery in the Indianapolis market. JLL manages and leases Circle Centre, which spans more than 700,000 square feet.
GREENFIELD, IND. — Hanley Investment Group Real Estate Advisors has arranged the sales of three restaurant properties in Greenfield, an eastern suburb of Indianapolis. Dylan Mallory of Hanley and Jacque Haynes of Midland Atlantic Properties represented the seller and developer, Indianapolis-based Midland Atlantic Properties, in all three transactions. All three properties are part of a new development named Greenfield Market. In the first sale, a 2,616-square-foot building occupied by Chipotle Mexican Grill sold to a Simi Valley, Calif.-based private investor for $2.9 million. The property features a mobile order drive-thru lane. David Leibowitz of IREA Inc. represented the buyer. In the second transaction, a 3,500-square-foot property occupied by Panera Bread sold to a Hillsborough, Calif.-based private investor for $2.9 million. The building features two drive-thru lanes. Jeff Ida and Doug Ogard of Marcus & Millichap represented the buyer. In the third sale, a 4,500-square-foot Chick-fil-A ground lease sold for $3.1 million to a Dallas-based private investor, who was self-represented.