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The Hangar on Emerson in Greenwood, Indiana
IndianaInvestment SalesMidwestNews

RailField Acquires 218-Unit The Hangar on Emerson in Suburban Indianapolis

by Channing Hamilton

GREENWOOD, IND. — RailField has acquired The Hangar on Emerson, a 218-unit property located at 1140 Emerson Pointe Drive in Greenwood, which is 14 miles south of Indianapolis. The seller and sales price were not disclosed. The acquisition marks RailField’s entry to the Midwest. The Bethesda, Maryland-based investment and asset-management firm owns multifamily communities in 12 markets primarily in the mid-Atlantic, the Southeast and in Texas. The Hangar on Emerson was named for its proximity to the Indy South Greenwood Airport. Built in 2023, the community consists of three mid-rise buildings. Units come in …

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Post House in Evansville, Indiana
IndianaInvestment SalesMidwestNews

CBRE Brokers Sale of 159-Unit Post House in Evansville, Indiana

by Channing Hamilton

EVANSVILLE, IND. — CBRE has arranged the sale of Post House, a 159-unit property located at 215 Vine St. in Evansville. Hannah Ott, George Tikijian, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Scannell Properties, in the transaction. Prosperity Commercial Real Estate was the buyer. The sales price was not disclosed. Post House was constructed in 2020. The community offers studio, one- and two-bedroom units that average 894 square feet, as well as 15 loft-style, live-work units. Amenities include a pool, covered outdoor seating, yoga room, …

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VER at Proscenium in Indianapolis, Indiana
DevelopmentFinanceIndianaInvestment SalesMarket ReportsMidwest

No Longer ‘Flyover’ Country: Indianapolis Achieves Positive Rent Growth, Absorption

by Channing Hamilton

The capital markets continue to present challenges and create confusion across the U.S. transaction space. Most markets outside the Midwest have retreated toward a rent-growth flatline, or worse. However, in the midst of it all, the metro area stands like a pillar of stability. No longer known simply for its manufacturing prowess, Indianapolis boasts a long list of economic strengths. These include a diverse, sustainable and growing employment base; predictable fundamentals, including controlled levels of supply; a forward-thinking investment in infrastructure; and a growing base of capital. These capital sources, …

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DevelopmentIndianaMidwestNews

Flaherty & Collins Properties Opens Phase II of The Arbuckle Apartments Near Indianapolis

by Channing Hamilton

BROWNSBURG, IND. — Flaherty & Collins Properties has opened Phase II of The Arbuckle Apartments in the western Indianapolis suburb of Brownsburg. The community is located at 7240 Arbuckle Commons. The first phase of the property was constructed in 2018 and offers 310 units ranging in size from studios to two-bedroom townhomes. According to the property website, the second phase brings approximately 100 more apartments to the community.

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IndianaMidwestNewsPeople News

Merchants Capital Selects Chris Messmann as Executive Vice President of Tax Credit Equity Division

by Channing Hamilton

CARMEL, IND. — Merchants Capital, an agency lender and tax credit equity syndicator based in Carmel, has promoted Chris Messmann to the role of executive vice president. In this position, Messmann will oversee the asset management, fund and risk management teams in the company’s tax credit equity division, including pre-closing financial projections and post-closing investor reporting. Messmann joined Merchants Capital in 2021. Prior to this, he served in a leadership role for 10 years at a national tax credit equity syndicator and was a tax accountant at Low Income Housing …

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DevelopmentFinanceIndianaMidwestNews

Red Oak Capital Holdings Provides $9 Million Bridge Loan to Renovate Bon Air Apartments in Indianapolis

by Channing Hamilton

INDIANAPOLIS — Red Oak Capital Holdings LLC has provided a $4 million bridge loan for Bon Air Apartments, a 42-unit asset in Indianapolis. Bon Air Apartments consists of a trio of three-story buildings, which were originally constructed in 1960. The borrower, a group of professionals doing business as 21 West QOZ LLC, will use the financing to pay off an existing loan and complete a gut renovation of the three buildings. The new owners also plan to build a new building on an adjacent vacant parcel. Common area and amenity …

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River Rock Apartments in Mishawaka, Indiana
IndianaLeasing & MarketingMidwestNews

DMG Takes Over Management Services at River Rock Apartments in Mishawaka, Indiana

by Channing Hamilton

MISHAWAKA, IND. — Daniel Management Group (DMG) has been selected to manage River Rock Apartments, an 88-unit community in downtown Mishawaka. The complex offers units in studio, one-, two- and three-bedroom layouts. Amenities include a fitness center, billiards room with a pool table and TVs, business center, conference room and an outdoor space with a courtyard, BBQ grills, firepits and a picnic area. River Rock Apartments is the first community DMG has been awarded management of in the state of Indiana.

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IndianaInvestment SalesMidwestNews

Marcus & Millichap Brokers Sale of Yorktowne Farms Apartments in Greenwood, Indiana

by Channing Hamilton

GREENWOOD, IND. — Marcus & Millichap has negotiated the sale of Yorktowne Farms Apartments, a 264-unit property in the Indianapolis suburb of Greenwood. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the buyer, ICONIC Property Partners. The seller and sales price were not disclosed. Yorktowne Farms Apartments was built in 1982. The complex offers amenities such as a pool, playground, laundry facilities, and basketball and tennis courts.

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FinanceIndianaMidwestNewsOhioSoutheastTennessee

United Church Homes Secures $11.5 Million in Financing for Four Properties

by Channing Hamilton

MARION, OHIO — United Church Homes, a Marion-based non-profit organization that specializes in developing affordable and mixed-income communities, has secured $11.5 million to refinance four properties in Ohio, Indiana and Tennessee. Lument provided the financing. Lument’s Paul Weissman and Andy Nicoll led the transactions. The four refinanced loans were completed under the FHA Section 223(f) program and closed between May and September. The financing includes: $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit complex in Fort Wayne, Indiana; $2.3 million …

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FinanceIndianaMidwestNews

CREC Real Estate Sells Stake in VER at Proscenium in Carmel, Indiana

by Channing Hamilton

CARMEL, IND. — CREC Real Estate has sold its stake in VER at Proscenium, a 196-unit community located at the intersection of Rangeline Road and West Carmel Drive in the Indianapolis suburb of Carmel. CREC Real Estate acquired the stake in 2019, prior to the project’s construction. VER at Proscenium was completed in 2021. The complex comprises four buildings and offers studio, one- and two-bedroom floor plans. Amenities include a fitness center, pool, putting green, multi-sport virtual simulator and club area with a beer tap. The property also includes commercial space, …

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