Cushman & Wakefield’s Midwest Multifamily Advisory Group is representing Watermark Residential in its disposition of Villas on Fir, a 290-unit apartment community in Granger, Indiana, immediately north of South Bend.
Pricing is expected to be around $62 million for the property, which was completed in 2018.
Cushman & Wakefield Managing Directors Todd Stofflet and Jason Stevens, who are based in Chicago, and Indianapolis-based Vice Chairs George Tikijian and Hannah Ott and Senior Associate John Baker are leading the effort on behalf of Watermark Residential.
With 10 residential buildings and an office/clubhouse, Villas on Fir offers a mix of one-, two- and three-bedroom units, with the average unit size at 1,240 square feet. The expansive units include high-end finishes and appliances, while community amenities include a resort-style swimming pool, 24-hour health club, grills and firepit, bark park and dog-wash station, wi-fi hotspots throughout, community garden and Starbucks Coffee bar.
Located in St. Joseph County, Granger is the most upscale area in the region with the highest single-family home values in the county and 56 percent of households with incomes over $100,000. Current residents at Villas on Fir are mostly young and professional, working in diverse professions including healthcare, technology and education.