Sunday, October 10, 2010

Marcus & Millichap Sells $14.4 Million Multifamily Property in Greenfield, Indiana

GREENFIELD, IN– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Washington Village (top left photo), a 288-unit 294,826-square foot multifamily property in Greenfield.

The sales price of $14,485,000 represents $50,295 per unit and $49 per square foot.

Michael Wernke, a vice president investments in the firm’s Indianapolis office, represented the seller, locally based Village Apartments of Sugar Creek LLC and the buyer, Financial Equity Associates, an Illinois-based limited partnership.

“Washington Village is an attractive investment,” says Wernke.

“The property has been performing well in an expanding submarket and the existing, assumable, in-place debt gave the purchaser extremely competitive financing terms.”

Located at 4211 West Potomac Drive, the property is approximately 15 minutes from Indianapolis via Interstate 70. In addition to Interstate 70, Greenfield is served by U.S. Highway 40, the “Old National Road” and State Road 9. Interstates 69 and 74 are also nearby.

 Built during 2000 and 2001, Washington Village is comprised of 18 two-story buildings that encircle a small body of water, Lake Potomac.

The community’s unit mix includes one-, two- and three-bedroom floor plans ranging from 776 to 1,205 square feet.

 There are 64 one-bedroom/one-bath apartment homes, 156 two-bedroom/two-bath apartments and 68 three-bedroom/two-bath apartments. On-site amenities include a 24-hour fitness center, clubhouse with billiard table, large swimming pool, basketball court, sand volleyball court and a playground. 

Greenfield, Ind., is the county seat of Hancock County.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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