Michael Muller, a senior managing director with Eastern Union, has arranged $54.027 million in financing toward the acquisition of a three-property, multifamily portfolio on the East Side of Indianapolis, an area of brisk industrial growth. The portfolio’s combined apartment count equals 628 units.
The 184-unit Country Lakes Townhomes in Indianapolis, one of three properties financed through Eastern Union, includes 23 two-story residential buildings and a one-story clubhouse.
The first property in the portfolio is Lake Marina, located at 9515 Shoreland Lane. Its mortgage amounted to $26.87 million. With 348 units, the development was built in 1980. The parcel encompasses 28 two-story residential buildings offering 144 one-bedroom, 140 two-bedroom and 64 three-bedroom apartments. The seller was Lake Marina Realty LLC.
The second location is Country Lakes Townhomes at 2910 White Knight Blvd., which assumed a mortgage of $20.62 million. It is a 184-unit property built in 1974. With a net rentable area of 221,280 square feet, the site is comprised of 23 two-story residential buildings and a one-story clubhouse. It offers 92 two-bedroom and 92 three-bedroom townhomes. The property was sold by Country Lake Apartments LLC.
The third complex, the 96-unit Fountainview, is situated at 4800 North Post Road. Its mortgage amounted to $6.537 million. Built in 1965, its net rentable area equals 79,360 square feet. There are eight two-story residential buildings consisting of 32 one-bedroom units and 64 two-bedroom units, The seller was Zidan Realty Investments LLC.
The mortgage was arranged through Fannie Mae with Arbor acting as the Delegated Underwriting and Servicing (DUS) lender. The purchaser was not identified. The overall purchase price was not disclosed.
