Marcus & Millichap Real Estate Investment Services recently sold Terra Trace, an 84-unit multi-family property in Evansville, Ind. The asset commanded a sales price of $2.45 million.
Investment specialists David Gaines and Alex Blagojevich had the exclusive listing to market the property on behalf of the seller, Regency Apartments. The buyer, The Embassy Group, was also secured by Gaines and Blagojevich. Josh Caruana, of the firm’s Indianapolis office, assisted in closing this transaction.
Terra Trace is located at 1715 Theatre Drive. The property consists of 11 two-story rental buildings featuring one- and two-bedroom floor plans. The average unit size is 752 square feet with an average rent of $540 a month.
Amenities include on-site laundry, clubhouse, swimming pool, private balconies, private access intercom systems and all-electric HVAC. The property is conveniently located between McDonald Golf Course, Wesselman Woods Nature Preserve and Eastland Mall.