Chicago & Midwest + Midwest + Apartments | February 8, 2019

Emma Capital Adds Two More Indy Apartment Assets

Emma Capital Investments Inc. has acquired two more apartment properties in Indianapolis. The Toronto-based company paid $38.5 million for Courts I, a 148-unit community at 2000 W. 79th St., and Courts II, a 336-unit property at 8002 Harcourt Rd.

“With the addition of these properties, we currently have 1,829 units in the Indianapolis market,” about one-fifth of Emma’s total U.S. holdings, said founding partner Haya Zilberboim. Courts I was built in 1967, while Courts II dates from 1973.

With the properties having been maintained in “excellent condition,” Zilberboim added, the acquisitions represent “a great opportunity to efficiently leverage our resources to immediately focus on rent growth initiatives and capital improvement projects.”

Brian Rakowski, Emma Capital’s asset manager for the Indianapolis and Florida markets, said Courts I and II are in “a densely developed area on the employment-rich north side of Indianapolis,” which boasts an “extremely low” unemployment rate at 3.3%.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).