In fact, leasing activity has been strong enough that Citimark, an Indianapolis-based construction company, recently launched a state-of-the-art 60,000 square foot, three story, class A office building in Carmel.

The multifamily market in the north suburbs has also shown signs of life. In 2014, for example, Inland Real Estate Acquisitions, Inc. bought Solana Apartments at the Crossing, a new community located about 10 miles north of downtown Indianapolis, for $60.5 million. Milhaus had just completed the 384-unit class A complex, and it was already 95% leased.

Furthermore, Cantu says there has been a “resurgence of owners that are improving their 1980s-style offices and creating the kind of work experiences that modern tenants want.”

Over the last several years, the 550 Congressional building has undergone over $1 million of physical improvements, including the addition of a bocce ball court, a fire pit and grill, outdoor meeting areas, and a bike share program. During that period, the owners successfully increased occupancy of the building from 25% to 83%.

“We believe the 550 Congressional asset delivers tenants a unique and in-demand office experience within the healthy, desirable, and growing submarket of Carmel, while providing our investors the opportunity to achieve additional upside through the lease-up of the highly attractive remaining vacancy,” says Eliot Bencuya, head of acquisitions at Tryperion.

Due to the robust tenant demand for space in the submarket, especially modernized spaces like this, Cantu expects that “Tryperion will fully stabilize the property within 12 months.”

550 Congressional represents Tryperion's first acquisition in Indianapolis. The company also owns assets in St. Louis and Minneapolis.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

INDIANAPOLIS—Colliers International has closed the sale of 550 Congressional, a three-story, class A, 106,404-square foot office building located in Carmel, IN, a suburb just north of the city.

Colliers marketed the property on behalf of the joint venture owners of REI Real Estate Services and Perennial Investments. An affiliate of Tryperion Partners, a Los Angeles-based private real estate investment manager, purchased the asset with all cash.

It's another sign that the region's suburban office market, especially the northern suburbs, is on a roll, and catching interest from both investors and developers.

“Contrary to some of the discussion out there, many suburban areas are doing great,” Colliers' senior vice president Alex Cantu tells GlobeSt.com. “Indianapolis' suburbs in particular will continue to be strong well into the future.” And Carmel is the region's most affluent town on the city's edge. “There are a ton of decision makers that live in Carmel, and they also want to office here.”

In fact, leasing activity has been strong enough that Citimark, an Indianapolis-based construction company, recently launched a state-of-the-art 60,000 square foot, three story, class A office building in Carmel.

The multifamily market in the north suburbs has also shown signs of life. In 2014, for example, Inland Real Estate Acquisitions, Inc. bought Solana Apartments at the Crossing, a new community located about 10 miles north of downtown Indianapolis, for $60.5 million. Milhaus had just completed the 384-unit class A complex, and it was already 95% leased.

Furthermore, Cantu says there has been a “resurgence of owners that are improving their 1980s-style offices and creating the kind of work experiences that modern tenants want.”

Over the last several years, the 550 Congressional building has undergone over $1 million of physical improvements, including the addition of a bocce ball court, a fire pit and grill, outdoor meeting areas, and a bike share program. During that period, the owners successfully increased occupancy of the building from 25% to 83%.

“We believe the 550 Congressional asset delivers tenants a unique and in-demand office experience within the healthy, desirable, and growing submarket of Carmel, while providing our investors the opportunity to achieve additional upside through the lease-up of the highly attractive remaining vacancy,” says Eliot Bencuya, head of acquisitions at Tryperion.

Due to the robust tenant demand for space in the submarket, especially modernized spaces like this, Cantu expects that “Tryperion will fully stabilize the property within 12 months.”

550 Congressional represents Tryperion's first acquisition in Indianapolis. The company also owns assets in St. Louis and Minneapolis.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.