HFF 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.
