The property is in a densely developed area on the employment-rich north side of Indianapolis, a demographic that presents strong opportunities for Emma Capital, says the firm's asset manager, Brian Rakowski.

"Most of the value-add product still has a demonstrable gap to the newer product, allowing for these opportunities to invest in improvements,” says CBRE's Ted Abramson.

The acquisition includes three multifamily properties in the Houston metro area totaling 1,392 units; two properties in Tampa, FL totaling 1,231 units and a 253-unit property in Salt Lake City, UT.