Marcus & Millichap Inc.
Marcus & Millichap Inc.
22/07/2024 | Press release | Distributed by Public on 23/07/2024 15:31
Marcus & Millichap Brokers Sale of 142 Build to Rent Single Family Homes in Indiana
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Marcus & Millichap Brokers Sale of 142 Build-to-Rent Single-Family Homes in Indiana
July 22, 2024
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GREENFIELD, Ind., July 22, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sandalwood West, 142 build-to-rent single-family homes in Greenfield, Indiana.
"Lease-up is well underway in this newly built community located less than 30 minutes from Downtown Indianapolis in Hancock County," said Scott D. Harris, Marcus & Millichap senior managing director investments. "Multifamily vacancy in Hancock County is currently 1.5%, and over the past 12 months rents have grown 11.4%." Harris and Samuel McCarthy of Marcus & Millichap represented the seller, D.R. Horton, and procured the buyer, a real estate fund managed by Up&Up. Josh Caruana, first vice president and district manager, is Marcus & Millichap's broker of record in Indiana.
The property is accessible from U.S. Route 40 and State Road 9. Greenfield-Central High School, Riley Park & Splash Pad, and the Hawk's Tail of Greenfield golf course are nearby. The University of Indianapolis, Ivy Tech Community College, Purdue Indianapolis, and Butler University are within a short drive. Nearby employers include Hancock Regional Hospital, Indiana Automotive Fasteners, and Walmart.
Completed in 2023 on 50 acres, Sandalwood West's unit mix is 52 three-bedroom/two-bath 1,498-square-foot homes, 49 four-bedroom-two/bath 1,771-square-foot units, and 41 five-bedroom/three-bath 2,600-square-foot homes. The houses have fenced-in backyards, full-size washers and dryers, and two-car garages.
"Lease-up is well underway in this newly built community located less than 30 minutes from Downtown Indianapolis in Hancock County," said Scott D. Harris, Marcus & Millichap senior managing director investments. "Multifamily vacancy in Hancock County is currently 1.5%, and over the past 12 months rents have grown 11.4%." Harris and Samuel McCarthy of Marcus & Millichap represented the seller, D.R. Horton, and procured the buyer, a real estate fund managed by Up&Up. Josh Caruana, first vice president and district manager, is Marcus & Millichap's broker of record in Indiana.
The property is accessible from U.S. Route 40 and State Road 9. Greenfield-Central High School, Riley Park & Splash Pad, and the Hawk's Tail of Greenfield golf course are nearby. The University of Indianapolis, Ivy Tech Community College, Purdue Indianapolis, and Butler University are within a short drive. Nearby employers include Hancock Regional Hospital, Indiana Automotive Fasteners, and Walmart.
Completed in 2023 on 50 acres, Sandalwood West's unit mix is 52 three-bedroom/two-bath 1,498-square-foot homes, 49 four-bedroom-two/bath 1,771-square-foot units, and 41 five-bedroom/three-bath 2,600-square-foot homes. The houses have fenced-in backyards, full-size washers and dryers, and two-car garages.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.