Milhaus Sells 1,803-Unit Multifamily Portfolio for $320.5M

The disposition included the 258-unit Artistry and the 54-unit Mosaic (pictured side by side) in Indianapolis.

INDIANAPOLIS — Milhaus has sold a 1,803-unit multifamily portfolio that spans four states for $320.5 million. Four separate buyers acquired the assets.

The nine properties included in Milhaus’s Urban Core Portfolio are the 354-unit Highland Row in Memphis, Tenn.; the 131-unit Gantry in Cincinnati; the 329-unit Lift in Oklahoma City; and the 258-unit Artistry, 54-unit Mosaic, 265-unit Circa, 65-unit Mozzo, 105-unit Maxwell, and 242-unit Mentor & Muse in Indianapolis.

“The portfolio consists of small and large assets in four distinct metros, but the common theme … is that each of these markets have expanding employment bases of young talent with plenty of runway left in this cycle,” says Steve LaMotte Jr. who, along with CBRE’s Central Midwest Multifamily team, represented developer Milhaus in this disposition. “The rare opportunity to deploy a sizeable amount of capital in newly constructed, best-of-class, urban-walkable assets was duly noted by the market.”

Indianapolis-based Milhaus developed, built and operates the majority of the portfolio. The firm focuses on Class A, urban multifamily buildings in growing secondary markets in the eastern half of the U.S. Indiana-based Gene B. Glick Co. was the seller of one of the assets, which Milhaus only operated.

Five assets were recapitalized by a newly formed joint venture between StepStone Group Real Estate LP and Milhaus. Separately, FrontRange Capital Partners made a platform-level investment in Milhaus, which helped facilitate the recapitalization. This structure will allow Milhaus to reach its goal of operating 20,000 units by 2020. The firm will also retain long-term ownership and management of the assets developed by the firm.

— Nellie Day

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