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Milhaus Secures $320M for Four-State MF Portfolio
CBRE Capital Markets 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:
Indianapolis:
– 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
Gene B. Glick Company was the seller of one of the assets. The properties were acquired or recapitalized by four separate groups.
Five assets were recapitalized by a newly formed joint venture between StepStone Group Real Estate LP and Milhaus. Separately, FrontRange Capital Partners also made a platform level investment in Milhaus.
CBRE’s Steve LaMotte, Jr., who represented the developer, says the market recognized a “rare opportunity to deploy a sizeable amount of capital in newly constructed, best-of-class, urban-walkable assets.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition
