Indy Property Sells For Over $60M

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Two Illinois companies have closed on the sale of a 55-acre Indianapolis housing community. HFF Inc.'s (NYSE: HF) deal with Inland Real Estate Acquisitions Inc. for the Solana Apartments is valued at more than $60 million. September 23, 2014

News Release

CHICAGO, Ill. - HFF announced today that it has closed the sale of Solana Apartments at the Crossing, a 384-unit, Class A multi-housing community located to the north of downtown Indianapolis.

HFF marketed the property on behalf of Milhaus. Inland Real Estate Acquisitions, Inc. purchased the asset for a total of $60.5 million or $158,000 per unit.

Solana Apartments at the Crossing is located at 7745 Solana Drive just off North Keystone Avenue near The Fashion Mall at Keystone and Interstate 465. The project was completed in April 2014 and is 95 percent leased. Community amenities include 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 HFF investment sales team representing the seller was led by associate director Wick Kirby along with executive managing director Matthew Lawton and director Ken Martin.

"This residential community is ideally situated on 55 acres, approximately 10 miles north of downtown Indianapolis and two miles south of Carmel's premier office corridor with close proximity to The Fashion Mall at Keystone and the Keystone entertainment area," said Mark Cosenza, vice president of Inland Real Estate Acquisitions, Inc. "The property also includes a 26-acre lake offering residents boat slips and direct access to the White River."

"The Solana Apartments is a wonderful asset with unbeatable amenities. Milhaus, known for providing best-in-class rental communities, delivered a great product and execution on this transaction," said Lawton.

Milhaus is a team of inspired and industrious individuals, headquartered in Indianapolis, who are committed to the development of mixed-use and multifamily real estate. The company delivers solutions for its urban neighborhoods, cities and partners by providing expertise in real estate investment, development and management. Milhaus is currently developing, constructing, and managing multifamily and mixed-use projects throughout the Midwest and Oklahoma. www.milhaus.com.

Inland Real Estate Acquisitions, Inc. facilitates acquisitions for various entities that are a part of The Inland Real Estate Group of Companies, Inc. ("Inland"). Headquartered in Oak Brook, Ill., Inland has been ranked one of the largest shopping center owners and managers in North America (Retail Traffic, May 2012) and the fastest-growing acquirer of retail property in the U.S. (Chain Store Age, May 2013). As of March 31, 2014, Inland-sponsored companies owned and managed in total more than 65.1 million square feet of diversified commercial real estate in 49 states, as well as managed assets in excess of $16.4 billion. Inland is comprised of a group of independent legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by Inland Real Estate Investment Corporation or its subsidiaries. For additional information, please refer to Inland’s website at www.inlandgroup.com.

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

Source: HFF Inc.