Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Marcus & Millichap Arranges Sale of Indiana Multifamily Property
Marcus & Millichap has brokered the sale of River Shore Apartments, a 48-unit multifamily property in South Bend, Indiana, for $4.3 million.
“River Shore Apartments is a beautiful property with views overlooking the Saint Joseph River, located just one mile from IU South Bend and Bethel College,” said Jack Friskney, director investments. “With 5.3% rent growth over the past year and minimal new construction, we anticipate the South Bend market will continue to outperform national averages.”
Friskney, Aaron Kuroiwa and Austin Meeker, investment specialists in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the South Bend-based seller, and procured the Detroit-based buyer.
River Shore Apartments, located at 3530 Northside Blvd., comprises four one-bedroom and 44 two-bedroom units. Built in 1969 on 2.12 acres, the property includes 41,900 rentable square feet, and 39 of the 48 units have been renovated.
