$37.8 Million Apartment Complex Sale in Granger, IN Arranged by Marcus & Millichap

Main Street Village Apartments, Granger, IN

GRANGER, IN, Aug. 1, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Main Street Village Apartments, a 400-unit complex located in Granger, Ind. The sales price of $37,750,000 equates to $94,375 per unit.

Scott Harris

            Scott Harris, a senior vice president investments in Marcus & Millichap’s Chicago Oak Brook office, represented the seller along with Alex Blagojevich, a vice president investments in the firm’s Tampa office, and David Gaines, a vice president investments in Marcus & Millichap’s Chicago Downtown office.  Blagojevich, Gaines, and Harris also procured the buyer.

“This asset has a long history of high occupancy and steady rental growth within the most desirable submarket of the South Bend/Mishawaka MSA,” says Harris. “With historical occupancy above 94 percent, no concessions and rising rents, Main Street Village Apartments stands as one of northern Indiana’s premier multifamily investments.”

Alex Blagojevich

The 373,145-square-foot asset is located at 5504 Town Center Drive in the town of Granger, and is approximately 90 miles east of Chicago. The property is also less than 10 minutes from the University of Notre Dame, less than one mile from the region’s most active concentration of high-end retail, restaurants, and entertainment venues, and directly across the street from the newly constructed Saint Joseph Regional Medical Center.

Built in 2001, Main Street Village Apartments offers 11 different floor plans, including 184 one-bedroom units, 188 two-bedroom apartments and 28 three-bedroom units. 

  

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716