Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a multifamily portfolio in Indiana including 76 apartment units and three retail units in Hartford City, Spiceland, Knightstown and Rushville, Indiana.
“These properties represent some of the highest quality housing options in their respective markets, each built within the last eight years,” said Jack Friskney, director investments. “The buyer saw an opportunity to acquire well-maintained assets in stable, rural communities with upside potential through filling the vacant commercial space in Hartford City and completing minor interior updates. With strong fundamentals and ongoing economic development, particularly in Rushville, these properties are well positioned to attract a quality tenant base.”
Friskney, Aaron 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, KDC Investments, and procured the buyer, PRE/3.
The portfolio in Indiana comprises 76 apartment units and three commercial retail units across four properties. The residential unit mix includes 62 two-bedroom units and 14 three-bedroom units. Built between 2017 and 2021, the portfolio spans a total of 12 acres and features modern construction throughout.
The properties are located at 701-707 W. 16th Street in Rushville (pictured above); 101 E. Main Street and 102 E. Franklin Street in Hartford City; 624-656 E. Main Street in Spiceland; and 123 W. Morgan Street in Knightstown.
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.
