Multifamily Midwest

CBRE closes $320 million portfolio sale in four Midwest states

CBRE closes $320 million portfolio sale,ph01

CBRE Capital Markets recently closed the $320.5 million sale and recapitalization of Milhaus’ Urban Core Portfolio, a nine-property multifamily portfolio. The properties are located in Indianapolis, Memphis, Oklahoma City and Cincinnati.

Properties in the portfolio are Artistry, with 258 units; Mentor & Muse, 242 units; Mosaic, 54; Circa, 265; Mozzo, 65; and Maxwell 105, all in Indianapolis. The portfolio also includes Highland Row, 354 units in Memphis; Gantry, 131 units in Cincinnati; and Lift, 329 units in Oklahoma City.

Steve LaMotte Jr. of CBRE’s Indianapolis office represented the developer, Milhaus, an Indianapolis-based development, construction and property management company. The properties were acquired or recapitalized by four separate groups.

As part of the transaction, five assets were recapitalized by a newly formed joint venture between StepStone Group Real Estate LP and Milhaus.

The majority of the portfolio was developed, constructed and managed by Milhaus.