(To read more on the multifamily market, click here.)
INDIANAPOLIS-Inland American Real Estate Trust Inc., based in Oak Brook, IL, has purchased the Fields apartment complex from Abodes, Inc., based in Bloomington. The sale price was $34 million for the 285-unit complex, or $119,298 per unit, says Marty O'Connell director with HFF Chicago. A cap rate was not disclosed.
The property, located at 1333 Fenbrook Ln., was marketed by a team from Holliday Fenoglio Fowler LP including O'Connell, senior managing director Matthew Lawton, director Sean Fogarty and director Dave Nachison, all with HFF Chicago, and director Jon Wood of HFF Indianapolis. The buyer was represented by Mark Cosenza, with Inland Real Estate Acquisitions Inc., part of Inland Real Estate Group of Cos. Inc.
Inland purchased the property in an effort to diversify within the multifamily sector. The company originally focused on multifamily properties before Inland switched to a focus on retail centers in the late 1980's and early 1990's, Cosenza says. Additionally, the property "is the best asset in the Bloomington area," he says.
The apartment complex is 98% occupied and is located on 58 acres including, 10 acres with ponds, jogging trails and picnic areas. O'Connell says the "absolutely gorgeous" complex is "very well amenitized" with two pools, two fitness centers, a car wash station and a two-level 20,000-sf clubhouse.
The apartments average 1,131 sf and rental rates are slightly more than $1,000 per unit on average, O'Connell tells GlobeSt.com. The complex is near Indiana University and Bloomington Hospital, in Bloomington. The tenants are a mixture including some graduate students and professors from the school and some business professionals from the area, Cosenza says.
Inland will have the exterior of the building painted but the complex does not need any major renovations, Cosenza says. The company will focus its efforts on fully leasing the facility.
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