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Marcus & Millichap Arranges Sale of Indiana Multifamily Portfolio
Marcus & Millichap completed the sale of a 49-unit multifamily property in Muncie, Indiana, for $3.7 million.
“The buyer was motivated to acquire this asset as part of a strategic effort to expand their Muncie portfolio and achieve greater operational efficiencies through added scale in the market,” said Aaron Kuroiwa, senior managing director investments. “The location, existing improvements and remaining value-add potential made this a compelling investment opportunity.” Kuroiwa and Austin Meeker, investment specialists in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, Streeter25, LLC, and procured the buyer, Deed Holdings – 5050, LLC.
The portfolio consists of Randy’s Court, located at 222 W. Centennial Ave., and Streeter Court Apartments, located at 111 E. Streeter Ave. Built in 1994, Streeter Court consists of 25 apartments with a mix of one-, two- and three-bedroom units. Randy’s Court was built in 1978 and includes 24 two-bedroom, one-and-a-half-bath townhomes.
