Monday, June 30, 2008

Marcus & Millichap Lists $242.95M Apartment Portfolio in Three States


ENCINO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Premier EPM Portfolio, a 10-property, 2,704 unit-apartment portfolio located in Indianapolis, Fort Wayne, Ind., Omaha, Neb., and Gainesville, Ga.
The listing price of $242.95 million represents a value well below replacement costs. The properties are being offered as a portfolio or separately.

Matthew Friedman, an associate vice president investments and director of Marcus & Millichap’s National Multi Housing Group in Encino, is representing the seller, Empire Corporate America.
Colin Atkinson, an investment specialist in the firm’s Indianapolis office; Daniel Goaley, an investment specialist in the firm’s Omaha office; and Elliott Hollander a senior associate in the firm’s Atlanta office; are also representing the seller. Empire Corporate America is a private investor that owns and operates multi-family properties throughout the United States.

“Upon acquiring this portfolio, an investor has the opportunity to gain control of a substantial portfolio of Class A properties that are all well located within their respective markets. With a current occupancy in the mid-90 percent range, this portfolio offers stable cash flow, rental and operational upside, and quality construction in locations with inherent growth potential,” says Friedman.

Built in phases between 1997 and 2007, these luxury communities offer extensive resort-style amenities and first-class unit accommodations. The properties range in size from 224 units to 330 units. In Indianapolis, there are a total of 1,296 units; 546 units in Fort Wayne., Ind.; 570 units in the Omaha Neb., area; and 292 units in Gainesville, Ga.

The portfolio includes:

· Avon Creek, (top left photo) located at 291 Great Lakes Circle West, Avon, Ind.; 256 units
· Brownsburg Crossing, located at 1122 Windhaven Circle, Brownsburg, Ind.; 224 units
· Greenfield Crossing, located at 2011 North East Bay Drive, Greenfield, Ind.; 272 units
· Saratoga Crossing, located at 4200 Stillwater Blvd., Plainville, Ind.; 240 units
· Settler’s Run, located at 3200 Prairie View Trail, Danville, Ind., 304 units
· Reserve at Dawson’s Creek, located at 401 Augusta Way, Fort Wayne, Ind.; 274 units
· Island Club, located at 2302 East Wallen Road, Fort Wayne, Ind.; 272 units
· The Landings, (bottom left photo) located at 10215 Cape Cod Landing, Bellevue, Neb.; 240 units
· The Outlook, located at 2882 Comstock Plaza, Bellevue, Neb., 330 units
· Empirian Lanier at Carrington Park, (top right photo) located at 150 Carrington Park Drive, Gainesville, Ga.; 292 units.

Press Contact: Stacey Corso
Communications Department
(925) 953-1716

No comments:

Post a Comment