Marcus & Millichap Real Estate Investment Services recently closed the sale of Cross Lake Apartments, a 208-unit apartment complex in Evansville, Ind. The sales price of $13.8 million represents $66,587 for every unit and $68 a square foot.
David Gaines, an associate vice president of investments in Marcus & Millichap’s Chicago downtown office, and senior associate Alex Blagojevich in the firm’s Tampa office, represented the seller, a St. Louis, Mo.-based partnership.
Gaines and Blagojevich also represented the buyer, a private partnership also based in the St. Louis area.
The 203,104-square-foot property is located adjacent to the busy Interstate-164/Highway-66 interchange. Built in 2002 on about 14.6 acres, Cross Lake Apartments features one-bedroom, two-bedroom and three-bedroom units that average nearly 1,000 square feet.
