Sunday, September 23, 2012

Marcus & Millichap Closes Class A Multifamily Sale in Evansville,IN



 EVANSVILLE, IN – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of The Reserve (top left photo), a 158-unit 169,633-square foot apartment complex in Evansville. The terms of the sale were not disclosed.

            David Gaines (middle right photo), a vice president investments in Marcus & Millichap’s Chicago Downtown office, and Alex Blagojevich (lower left photo), a senior associate in the firm’s Tampa office, represented the seller, Indianapolis-based SC Bodner Company Inc. The buyer is Thompson National Properties LLC, which has its headquarters in Irvine, Calif.

Joshua Caruana, regional manager of the Indianapolis office, is Marcus & Millichap’s broker of record in Indiana.

            “The Reserve was originally conceived as a ‘for sale’ townhome project,” says Gaines. “Later it was rebranded as 158 apartment units, 36 of which were townhomes.  The asset is nearly 100 percent occupied and located in a very solid rental market, giving the new owner an opportunity to achieve a very low-risk yield,” adds Gaines.

            “The Reserve is the highest-quality apartment property in the Evansville market and our offering received multiple bids from both the regional and national investment community,” says Blagojevich.

Completed in 2010, the property is located at 700 Reserve Blvd. in Evansville. The Reserve consists of the 10 original three-story townhome units, 28 two-story townhomes and two four-story buildings with 120 total units.

 The average unit size is approximately 1,100 square feet. Units are cable ready and feature air conditioning, hardwood flooring, oversized closets and stainless steel appliances. Community amenities include high-speed Internet access, a business center, clubhouse, covered parking, extra storage space and a swimming pool.

Contact:

Stacey Corso
Public Relations Manager
(925) 953-1716


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