CBRE Arranges Sale of 348-Unit Northlake Village Apartments
2020 7월 16
CBRE has arranged the sale of a 348-unit apartment community in Noblesville, Indiana. Buckingham Companies sold the Northlake Village apartments, located at 1100 Northlake Dr, to Birge & Held in a transaction that closed May 29, 2020. A purchase price was not disclosed.
Steve LaMotte, Jr., an executive vice president and co-leader of CBRE’s Indianapolis Louisville Multifamily team along with Dane Wilson and Alex Possick, represented Buckingham Companies in the transaction.
The institutionally owned and maintained property sits in the high-growth and highly regarded city of Noblesville along the heavily developed State Road 37 retail corridor, just minutes from Interstate-69. Marketed as a true value-add opportunity, the property has undergone various levels of interior renovation on 273 of 348 units, which allows for further upgrades and full renovations. Notable capital improvements include a clubhouse/leasing office renovation and the addition of an outdoor kitchen.
“With nearly 20 investor tours and 250 OMs, we were thrilled with the market’s enthusiasm for Northlake Village.” said LaMotte. “The sale closed at pre-COVID pricing without an attempted retrade, to an exceptional buyer in Birge & Held.”
The seller, Buckingham Companies, is a full-service real estate firm specializing in the development, construction and management of mixed-use, multifamily, commercial and hospitality projects. The buyer Birge & Held, provides real estate investment, property management, and construction services to a wide range of clients, including institutional investors, private equity funds, banks and private wealth offices.
CBRE Indianapolis Louisville Multifamily has transacted over $2.2 billion since 2014.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.