JLL Capital Markets announced today it closed the $11.85 million sale of The Annex of New Albany, a garden-style multifamily property in New Albany, Indiana, a suburb near the state’s border and just miles from Louisville, Kentucky.
JLL represented the seller, The Annex Group, to complete the sale to the buyer, Zidan Management Group.
The Annex totals 113,782 rentable square feet, 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, flat screen TV and kitchen and a 24-hour fitness center.
The property is located at 4100 Prestwick Square in Wayne County, Indiana. New Albany is situated along the Ohio River, contains 37,000 residents and is home to Indiana University Southeast, a 180-acre campus that has a student body of 5,000. The Annex also benefits from its access to major employers, including UPS and Ford Motor Company in Louisville, employing over 37,000, and its growing economy of over 625,000 residents.
The JLL Capital Markets team representing the seller was led by Managing Director David Gaines, Senior Director Scott Clifton, and Director Kyle Butler.
This is the fourth multi-housing real estate asset added to Zidan’s portfolio this year. Zidan recently added Barton Farms, a 262-unit community and Bexley Village, a 276-unit community, both in Greenwood, Indiana; as well as, Camelot East, a 492-unit community located in Fairfield, Ohio.