Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 49-unit multifamily property in Muncie, Indiana for $3.7 million.
“The buyer was motivated to acquire this asset as part of a strategic effort to expand their Muncie portfolio and achieve greater operational efficiencies through added scale in the market,” said Aaron Kuroiwa, senior managing director investments. “The location,
existing improvements and remaining value-add potential made this a compelling investment opportunity.”
Kuroiwa and Austin Meeker, investment specialists in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, Streeter25, LLC, and procured the buyer, Deed Holdings – 5050, LLC.
The portfolio consists of Randy’s Court, located at 222 W. Centennial Avenue, and Streeter Court Apartments, located at 111 E. Streeter Avenue. The two garden-style communities are a half-mile apart in Muncie’s north of the river submarket. Built in 1994, Streeter
Court consists of 25 apartments with a mix of one-, two- and three-bedroom units. Randy’s Court was built in 1978 and includes 24 two-bedroom, one-and-a-half-bath townhomes.
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.
