CBRE COMPLETES $320.5 MILLION TRANSACTION OF 1,803-UNIT MULTIFAMILY PORTFOLIO IN CENTRAL U.S.
17 1月 2018
CBRE Capital Markets announced that it has arranged the $320.5 million sale and recapitalization of Milhaus’s Urban Core Portfolio, a nine-property multifamily portfolio located in Indianapolis, Memphis, Oklahoma City and Cincinnati.
Properties included in the transaction are:
- Artistry – 258 units
- Mentor & Muse – 242 units
- Mosaic – 54 units
- Circa – 265 units
- Mozzo – 65 units
- Maxwell – 105 units
Memphis: Highland Row – 354 units
Cincinnati: Gantry – 131 units
Oklahoma City: Lift – 329 units
Steve LaMotte, Jr. of CBRE’s Indianapolis office and the Central Midwest Multifamily team represented the developer, Milhaus, an Indianapolis-based development, construction, and property management company formed in 2010. The locally based Gene B. Glick Company was the seller of one of the assets. The properties were acquired or recapitalized by four separate groups.
“The portfolio consists of small and large assets in four distinct metros, but the common theme the capital recognized is that each of these markets have expanding employment bases of young talent with plenty of runway left in this cycle,” said Mr. LaMotte, Senior Vice President, CBRE. “The rare opportunity to deploy a sizeable amount of capital in newly constructed, best-of-class, urban-walkable assets were duly noted by the market.”
As part of the transaction, five assets were recapitalized by a newly formed joint venture between StepStone Group Real Estate LP (“SRE”) and Milhaus.Seperately, FrontRange Capital Partners made a platform level investment in Milhaus which helped facilitate the recapitalization. This structure will allow Milhaus to reach its goal of operating 20,000 units by 2020, as well as retaining long term ownership and management of assets the firm develops.
The majority of the portfolio was developed, constructed and managed by Milhaus, who focuses on Class A, urban, multi-family residential buildings in growing secondary markets in the eastern half of the United States.
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