Marcus & Millichap earlier this summer closed the sale of Tuscan Pointe Apartments, a 328-unit multifamily complex in Indianapolis. The $11.7 million sales price comes out to $35,671 per unit.
James Walsh, senior vice president investments in the firm’s Chicago Downtown office, represented the seller, a family partnership based in Chicago with diverse holdings. Walsh has represented the seller on several occasions in the past.
Brent Silcox, vice president of investments in the firm’s Indianapolis office, teamed with Walsh on the assignment. After reviewing 10 or more competitive offers, the pair sourced the eventual buyer, an investment fund headquartered in California. The transaction closed within 160 days of being offered for sale.
The property is located at 1451 E. Southport Road, just off Southport Road and Madison Avenue, and about eight miles south of Indianapolis’ central business district. The Greenwood Mall, Interstate-65, restaurants and numerous retail establishments are nearby.
