Marcus & Millichap retains listing for $26-million multi-family complex in Indiana
July 23, 2010 | Staff Writer | Print Article | Email this Article
Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Willow Creek Estates, a 342-unit 334,776-square-foot apartment complex in Portage, Ind. The listing price of $26 million represents $76,170 per unit and $78 per square foot.
Scott Harris, a senior vice president of investments and senior director of the firm’s National Multi Housing Group, and Kyle Shoemaker, a multi-family investment specialist, both in Marcus & Millichap’s Oak Brook, Ill., office, are representing the seller.
“Willow Creek Estates is an immaculate, well-located asset that is performing well at a high-occupancy level,” says Harris. “The property is well positioned to continue its current strong operations and to achieve growth for the foreseeable future.”
The property is located at 5990 Wonderland Drive, a densely populated northwestern Indiana market about 31 miles from downtown Chicago. The South Shore train line directly connects Portage to downtown Chicago.
Willow Creek Estates is a three-phase apartment complex. The first phase, Willow Creek Estates South, consists of 130 units and was constructed in the mid-1970s and substantially remodeled in 2001. The second phase, Sundance, features 72 units and underwent substantial exterior renovation in 2009 and 2010. The final phase, the 140-unit The Reserve at Willowcreek, was completed in 2008.
Tags | Indiana, Marcus & Millichap, multi-family, Portgage
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