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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