Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Heritage Square, a 183-unit multifamily asset in Sellersburg, Indiana.
“The Louisville MSA’s rent growth rate of 4.3% was recently ranked No. 2 in the nation among major metros for forecasted apartment rent growth,” said Aaron Kuroiwa, senior vice president investments in Marcus & Millichap’s Indianapolis office. “The growth stems from Southern Indiana’s healthy supply and demand balance where new construction meets the needs of a booming population.”
Kuroiwa, IPA’s Will Balthrope and Drew Garza, and Tony Rogers of Marcus & Millichap represented the seller, Form G Companies, and procured the buyer, Focused Capital, in association with Josh Caruana, Marcus & Millichap’s broker of record in Indiana.
Built in 2022 on nine acres, Heritage Square is a two- and three-story garden-style asset with a clubhouse, fitness center and dog park. Apartments have nine-foot ceilings and full-size washers and dryers. The average unit size is 985 square feet.
“IPA provides investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada,” said Balthrope.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
