(Read more on the multifamily market.)

LAWRENCE TOWNSHIP, IN-Equity Property Management, based in Northbrook, IL, has purchased the 220-unit Willows at Castleton from The Connor Group for $11.7 million. The property is currently 94% leased, and all bidders involved were from out of state, say Connor officials.

The Dayton, OH-based seller is exiting the Indianapolis market, says Debbie Corson, principal for Apartment Realty Advisors Midwest. She brokered the transaction on behalf of Connor. “They’re very large, they own about 13,000 units across the country. They decided to exit the market prior to it getting better.”

She tells GlobeSt.com that all of the markets in Indianapolis have improved significantly within this past year. “We went through a tough time period where rents and occupancies where way down, that has really changed, we’re getting fewer concessions now than in past years and occupancies have improved. There also haven’t been a lot of new buildings going up,” she says.

Corson says that Indianapolis is drawing the out-of-state investors because economic indicators, such as job growth and population, are improving. Marion County’s population increased 6% in the past six years, and Northeast Indianapolis submarket rents grew 3.7% from February 2006 to February 2007. Rents at the Willows complex run from $599 to $799 per month.

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