Chicago-based JLL Capital Markets has closed the $11.8 million sale of The Annex of New Albany, a multi-housing property located in New Albany. Zidan Management Group purchased The Annex, which includes nine buildings and consists of 141 studio, one-, two- and three-bedroom units.
The apartments also feature community amenities, such as a clubhouse with resident lounge and a fitness center.
“We continue to see private capital investors make long term “bet-on-America” buys across the Midwest for prime multi-housing opportunities like The Annex of New Albany,” said Managing Director David Gaines. “These groups seek to acquire in strong markets like the Louisville MSA with favorable demographic trends and a strong employment base. Multi-housing real estate assets like these are tax-efficient investments distinguished by low volatility, predictable cash flow and attractive yields, which makes them highly desirable as alternative investment options.”
JLL says this is the fourth multi-housing real estate asset added to Zidan’s portfolio this year. Zidan recently added Barton Farms and Bexley Village, both in Greenwood, as well as Camelot East in Fairfield, Ohio.