INDIANAPOLIS—Inland Real Estate Acquisitions, Inc. just completed the $60.5 million purchase of Solana Apartments at the Crossing, a 384-unit, class A multi-housing community located about 10 miles north of downtown Indianapolis. Milhaus completed the community in April and it is already 95% leased.
“The Indianapolis market needed new supply,” Mark Cosenza, vice president of Inland Real Estate Acquisitions, Inc., tells GlobeSt.com, and the quick lease up is proof of that. Inland was also attracted to this property due to its location. “You're minutes away from the Carmel office corridor but you also have an easy commute into Indianapolis. It's situated perfectly.”
HFF marketed the property on behalf of Milhaus. The HFF investment sales team was led by associate director Wick Kirby along with executive managing director Matthew Lawton and director Ken Martin. The Indianapolis-based Milhaus primarily develops mixed-use and multifamily real estate and currently has projects underway throughout the Midwest and Oklahoma. Oak Brook, IL-based Inland Real Estate Acquisitions, Inc. facilitates acquisitions for the companies that comprise The Inland Real Estate Group of Companies, Inc.
“Solana began as a condo project,” Cosenza adds, “so it has condo-type amenities, and that will also continue to drive people to the site.” Located at 7745 Solana Dr. just off N. Keystone Ave., it has a resort-style swimming pool, private cabanas, clubhouse, state-of-the-art teaching kitchen, fitness center, yoga room, media lounge, business center, outdoor theater, fitness trails and a watercraft launch area. “The property also includes a 26-acre lake offering residents boat slips and direct access to the White River,” which sets it apart from the competing rental communities in the region. “Milhaus delivered a great product.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
