PRESS RELEASE: Marcus & Millichap Arranges Sale of Indianapolis Multifamily for $18.4 Million

INDIANAPOLIS – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Lodge at Trails Edge, a 268-unit multifamily community in northern Indianapolis, Ind. The $18.4 million sales price equates to $68,657 per unit.

Alex Blagojevich, a vice president investments in the Tampa, Fla. office of Marcus & Millichap, and David Gaines, a vice president investments in the firm’s Chicago Oak Brook office, represented the seller, a Kansas City, Mo.-based partnership. The buyer was Steadfast Companies of Irvine, Calif.  Josh Caruana, regional manager of Marcus & Millichap’s Indianapolis office, is the firm’s broker of record in the state of Indiana.

The property is located at 9535 Benchmark Drive in Indianapolis, Ind. near Interstate 465, and is near the business district of Keystone at the Crossing, downtown Indianapolis, and the city of Carmel.

Constructed in 1981 and 2002, the 202,608-square-foot Lodge at Trails Edge is composed of 13 two-story buildings. Amenities include a lodge-style clubhouse, a business center, a fitness center, swimming pool, and private access to the Monon Trail, a rail-trail for bicyclists and pedestrians that uses a portion of the former Chicago-Indianapolis main line of the Monon Railroad. 

TAGS: Investment