INDIANAPOLIS-Gibraltar Properties Inc. has put up a nine-property multifamily portfolio for $170 million. The apartment complexes comprise 2,412 units, and are located around the markets of Indianapolis, Fort Wayne, IN and Omaha.
The company hired Holliday Fenoglio Fowler LP to sell the properties. All the apartments were all built since 1997. Senior managing directors Matthew Lawton and Dave Kellar, and directors Sean Fogarty and Marty O'Connell are leading the investment sales team.
Fogarty tells GlobeSt.com that Gibraltar is going to focus on another industry. "They are primarily funeral home owners," he says. "They sold out on some of the businesses 10 years ago and decided to take some of the funds and invest in real estate. They bought one of the properties and built eight others."
Fogarty says the company has now decided to get back into the funeral business. "Besides, it's a good time to sell on most of these properties, they're about five to 10 years old and the markets are good where they're at," he says. The properties are well occupied, he says, with not much value-add opportunity. However, they're the best properties in secondary markets, he says.
The properties include the 256-unit Avon Creek in Avon, IN; the 224-unit Brownsburg Crossing in Brownsburg, IN; the 272-unit Greenfield Crossing in Greenfield, IN; the 240-unit Saratoga Crossing in Plainfield, IN; the 304-unit Settler's Run complex in Danville, IN; the 272-unit Island Club and the 274-unit Reserve at Dawson's Creek in Fort Wayne, IN; and the 240-unit Landings and 330-unit Overlook apartment complexes and in Bellevue, NE.
Fogarty says Gibraltar will consider splitting the portfolio, depending on the offer. Amenities at the buildings include nine-foot ceilings, fireplaces, washer/dryer connections and fitness facilities.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.