Michael Muller, senior managing director at Eastern Union, arranged a $54,027,000 financing for the acquisition of a multi-family portfolio of three properties on the East Side of Indianapolis, an area of high industrial growth. The combined number of apartments in the portfolio equals 628 units.
Eastern Union is one of the largest commercial real estate brokerage firms in the United States.
The first property in the portfolio is Lake Marina, located at 9515 Shoreland Lane. His mortgage was $26,870,000. With 348 units, the development was built in 1980. Lake Marina’s net leasable area is 307,860 square feet. The plot comprises 28 two-storey residential buildings offering 144 one-bedroom apartments, 140 two-bedroom apartments and 64 three-bedroom apartments. The average unit size is 885 square feet. The seller was Lake Marina Realty, LLC.
The second of three locations is Country Lakes Townhomes at 2910 White Knight Blvd., which has assumed a $20,620,000 mortgage. It is a 184-unit property built in 1974. With a net leasable area of 221,280 square feet, the site consists of 23 two-storey residential buildings and a one-storey pavilion. It offers 92 two-bedroom and 92 three-bedroom townhouses, averaging 1,203 square feet. The property was sold by Country Lake Apartments, LLC.
The third complex, the 96-unit Fountainview, is located at 4800 North Post Road. His mortgage was $6,537,000. Built in 1965, its net leasable area is equivalent to 79,360 square feet. There are eight two-story residential buildings consisting of 32 one-bedroom units and 64 two-bedroom units. The average unit size at the Fountainview is 827 square feet. The seller was Zidan Realty Investments, LLC.
The interest rate on the ten-year mortgage is floating at a spread of 2.46% plus the one-month SOFR. The financing makes it possible to pay only the interest during the first five years. The mortgage was arranged through Fannie Mae with Arbor acting as DUS (Delegated Underwriting and Servicing) lender. The buyer has not been identified. The overall purchase price has not been disclosed.
“The East Side of Indianapolis has a substantial job base that has grown faster than the national rate,” Muller said. “The area has seen an increase in the construction of industrial space, and growth in occupancy and rents have increased.”
According to the Indy Partnership, expansion and attraction projects announced in 2020 are expected to create nearly 9,400 jobs and more than $2.4 billion in capital investment in the Indianapolis area. As of the second quarter of 2021, there was 9.5 million square feet of industrial space under construction on the east side of the city.
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