Press Release

CBRE Completes $320.5 Million Transaction of 1,803-Unit Multifamily Portfolio in Central U.S.

09 1 2018


Urban Core Portfolio Developed, Constructed, and Managed by Indianapolis-based Milhaus

CBRE Capital Markets announced that it has arranged the $320.5 million sale and recapitalization of Milhaus’s Urban Core Portfolio, a nine-property multifamily portfolio located in Indianapolis, Memphis, Oklahoma City and Cincinnati.

Properties included in the transaction are:


  • Artistry – 258 units
  • Mentor & Muse – 242 units
  • Mosaic  – 54 units
  • Circa – 265 units
  • Mozzo – 65 units
  • Maxwell – 105 units

Memphis: Highland Row – 354 units

Cincinnati: Gantry – 131 units

Oklahoma City: Lift – 329 units

Steve LaMotte, Jr. of CBRE’s Indianapolis office and the Central Midwest Multifamily team represented the developer, Milhaus, an Indianapolis-based development, construction, and property management company formed in 2010. The locally based Gene B. Glick Company was the seller of one of the assets. The properties were acquired or recapitalized by four separate groups.

“The portfolio consists of small and large assets in four distinct metros, but the common theme the capital recognized is that each of these markets have expanding employment bases of young talent with plenty of runway left in this cycle,” said Mr. LaMotte, Senior Vice President, CBRE. “The rare opportunity to deploy a sizeable amount of capital in newly constructed, best-of-class, urban-walkable assets were duly noted by the market.”

As part of the transaction, five assets were recapitalized by a newly formed joint venture between StepStone Group Real Estate LP (“SRE”) and Milhaus. Separately, FrontRange Capital Partners made a platform level investment in Milhaus that helped facilitate the recapitalization. This structure will allow Milhaus to reach its goal of operating 20,000 units by 2020, as well as retaining long term ownership and management of assets the firm develops.

The majority of the portfolio was developed, constructed and managed by Milhaus, who focuses on Class A, urban, multi-family residential buildings in growing secondary markets in the eastern half of the United States. 


Milhaus is a team of inspired and industrious individuals, headquartered in Indianapolis, operating throughout select secondary cities in the Midwest and Southeast. Milhaus delivers solutions for neighborhoods that positively impact environments by working with cities to provide unparalleled expertise in real estate investments, development, construction and management. Milhaus has built a reputation for implementing complex projects in urban infill and mixed-use environments that are catalyst for neighborhood redevelopment. The result is high-quality projects that are financially responsible, withstand the passage of time, improve peoples’ lives and transform communities. For more information,


About the Gene B. Glick Company

Founded in 1947 and based in Indianapolis, the Gene B. Glick Company is a privately-held real estate ownership, development and management firm with more than 20,000 units in 13 states. The company’s philosophy, “Built to Be Home,” is reflected through its industry leadership in customer service, property management and quality construction of affordable and market-rate apartment units. The Gene B. Glick Company has a long tradition of giving back to the communities where it operates through its corporate social responsibility efforts and association with Glick Philanthropies, a family of charitable initiatives, programs and organizations focused on building community and creating opportunity. Since 1982, Glick Philanthropies has invested more than $150 million to strengthen the quality of life in central Indiana and in communities where Gene B. Glick Company properties are located to ensure that people in those communities can reach their full potential and lead lives of dignity.

About CBRE Group, Inc.
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