CBRE has arranged the sale of a 348-unit apartment community in Noblesville, Indiana. Buckingham Companies sold the Northlake Village apartments, at 1100 Northlake Drive, to Birge & Held in a transaction that closed May 29. A purchase price was not disclosed.
Steve LaMotte, Jr., an executive vice president and co-leader of CBRE’s Indianapolis Louisville Multifamily team, along with Dane Wilson and Alex Possick represented Buckingham Companies in the transaction.
The institutionally owned and maintained property sits in the high-growth city of Noblesville along the heavily developed State Road 37 retail corridor, just minutes from Interstate-69. Marketed as a true value-add opportunity, the property has undergone various levels of interior renovation on 273 of 348 units, which allows for further upgrades and full renovations. Notable capital improvements include a clubhouse/leasing office renovation and the addition of an outdoor kitchen.
The seller, Buckingham Companies, is a full-service real estate firm specializing in the development, construction and management of mixed-use, multifamily, commercial and hospitality projects. The buyer, Birge & Held, provides real estate investment, property management, and construction services to a wide range of clients, including institutional investors, private equity funds, banks and private wealth offices.