Tuesday, March 22, 2011

HFF closes $18 million sale of Class A multi-housing community in suburban Indianapolis

 INDIANAPOLIS, IN –HFF announced today that it has closed the sale of Washington Quarters Apartments (top left photo), a 256-unit, Class A multi-housing community in Avon, Indiana.
HFF marketed the property on behalf of the seller, Crossmann Properties, LLC. Washington Quarters was purchased by Thiemann Real Estate, LLC for approximately $18 million. 

HFF also worked on behalf of the buyer/borrower to secure new debt on the property through Freddie Mac. 

Washington Quarters Apartments is located in the growing suburban community of Avon, approximately 12 miles west of downtown Indianapolis. 

Constructed in 1999 and maintaining an occupancy rate of more than 95 percent, the property has a mix of one-, two- and three-bedroom units averaging 956 square feet each. 

The property offers an expansive clubhouse with a fitness room, billiards room and a swimming pool.  Additional community amenities include a car wash station, sand volleyball court, basketball court and picnic area.

The HFF team representing the seller included managing director John Sebree and senior managing director David Keller.

HFF managing directors Kevin MacKenzie (middle right photo) and Jon Everson (lower left photo) represented Thiemann Real Estate LLC in the financing side of the transaction.

Thiemann Real Estate, LLC is a multi-housing owner based out of St. Louis, Missouri.  This is their second acquisition in the Indianapolis area within the past six months.  In total, Thiemann Real Estate, LLC controls 3,500 multifamily units in Indiana, Illinois, and Missouri.

John S. Sebree, HFF Managing Director, (317) 632-7502, jsebree@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500 krmurphy@hfflp.com,

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