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Multifamily Investors Target Indiana


INDIANAPOLIS—Indiana has become known as one of the nation’s top logistics and distribution hubs . But a new report by CBRE’s Midwest multifamily group shows that the strengthening economy has also meant stable growth in the state’s multifamily market.


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Register REGISTER NOW for your FREEGlobeSt.com Membership Search Advanced Search $(document).ready(function(){ var elementWidth = $('#editions-slider').width(); console.log(elementWidth); if (elementWidth > 910){ var maxElementWidth = 875; $('#sub_main_nav button').css('display','inline-block'); $('#editions-slider').css('width',maxElementWidth+'px'); var clickRange = elementWidth - maxElementWidth; if (clickRange > 250) {clickRange = clickRange/2;} var maxRange = (elementWidth - maxElementWidth) * -1; function updateButtons() { var val = parseInt($('#editions-slider ul').css('margin-left')); if( val >= 0 ) { $('#sub_main_nav button.arrow_left').attr("disabled","disabled");$('#sub_main_nav button.arrow_right').removeAttr('disabled'); } else if( val maxRange) { $('#sub_main_nav button').removeAttr('disabled'); } else if( val maxElementWidth) {$('#sub_main_nav button.arrow_right').trigger( "click" );} } }); You are here: Home > Daily News > Multifamily Investors Target Indiana FEATUREDCONTENT McNamara Returns CorpHdqsto Indy Avison Young Plants its Flag in Indiana Indy Office BldgsContinue to Sell Indy CRE Markets Now Fully Recovered OHL Leases 450K in Indianapolis Onward Breaks Into Indy Office Market Is Spec Construction Outstripping Demand? RRCC Buys Southport Plaza for $11.4 Million Canadian REIT Makes Big Indy Buy Colliers Indiana Adds Principals jQuery(document).ready(function() { jQuery('#related-items-carousel').jcarousel({ visible: 4 }); }); Last Updated: April 1, 2015 01:39am ET Multifamily Investors Target Indiana By Brian JRogal | Indianapolis Commented(0) var addthis_share = { url_transforms : { shorten: { twitter: 'bitly' } }, shorteners : { bitly : {} } } Reprints Email Print News Tip? Follow this Story Purdue University's Avenue student housing complex, which recently traded hands INDIANAPOLIS?Indiana has become known as one of the nation?s top logistics and distribution hubsBut a new report by CBRE?s Midwest multifamily group shows that the strengthening economy has also meant stable growth in the state?s multifamily marketThe report, called Multifamily Market Overview: The State of Indiana covers Anderson, Bloomington, Columbus, Evansville, Fort Wayne, Kokomo, Lafayette, West Lafayette, Muncie in addition to the Indianapolis metro area. Although CBRE researchers found that some of these markets experienced a slight year-over-year decline in occupancy, the overall occupancy for the state was 94.1%Furthermore, rental rates increased in nearly all of the markets, proof of the state?s overall stability, according to Steve LaMotte, Jr., senior vice president at CBRE?s Indianapolis office and member of its Midwest multifamily team. ?The market votes with its dollars,? LaMotte adds?With $569 million in multifamily properties trading in 2014, we?re finding a growing list of sources interested in deploying capital in IndianaWe expect this interest to continue to grow in 2015.? Highlights from the report include: Average housing values were the highest in Indianapolis at $195,647. The two highest per-unit transactions in Indiana in 2014 were the Avenue, which sold for $34 million, or about $239,000 per unit, and the Tyler, which sold for $48.6 million, or about $186,000 per unitBoth are student-housing properties located in downtown Indianapolis. Investment sales volume increased 39% from 2013 to 2014 with more than $649 million trading in more than 55 transactions. Investor demand for Indiana multifamily remains diverse, with a mix of both private and institutional capital, bicoastal and all points in between.   Other real estate providers have noted the robustness of the marketDTZ research, for example, shows that in 2013 over 10,000 people migrated to the Indianapolis metro region?This is one of the most important dynamics that Indianapolis has going for it,? Kevin Thorpe, chief economist for the Americas for DTZ, recently said?People drive demand, and people want to be in Indianapolis.? In the same year, Cleveland, Milwaukee, StLouis, Detroit and Chicago lost people, making Indianapolis ?a standout in the Midwest.? And DTZ forecasts show the population boosts will continue for at least the next several yearsThis ?is going to drive healthy real estate dynamics in Indianapolis well into the foreseeable future.? Do business in the Southeast? Stay ahead of CRE trends and meet the dealmakers at RealShare Atlanta on April 30Stay tuned for GlobeSt.com's new dedicated Atlanta page launching April 1 and sign up for Atlanta's weekly email digest coming April 6. Commented(0) var addthis_share = { url_transforms : { shorten: { twitter: 'bitly' } }, shorteners : { bitly : {} } } Reprints Email Print News Tip? Follow this Story About Our Columnist Brian JRogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issuesHe also has written extensively on alternative energy and the payments card industry for national trade publications. 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