Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Park Forest Apartments, a 64-unit multifamily property in Marion, Indiana, for $4.85 million.
“Tertiary markets in Indiana, like Marion, continue to attract strong investor interest, particularly for well-located, value-add multifamily assets,” said Quentin Benedetto, associate director investments. “Strong rent growth, steady population increase and major economic development across Indiana are driving demand from both local and out-of-state buyers, keeping the state’s multifamily market highly competitive.”
Benedetto, Kyle Stengle and Jack Stanton, investment specialists in Marcus & Millichap’s Chicago Downtown office, in association with Josh Caruana, Marcus & Millichap’s broker of record in Indiana, had the exclusive listing to market the property on behalf of the seller, Pentagon Investment Group. Benedetto and Stanton procured the buyer, Ross McCarthur, Co-Founder of Follow The Deal Investments.
Located at 1005 N. Park Forest Drive, Park Forest Apartments comprises seven buildings with 64 two-bedroom, one-bathroom units. Each 900-square-foot apartment has undergone significant recent renovations, including new balconies, windows, HVAC systems and water heaters.
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.
