Marcus & Millichap Real Estate Investment Services recently sold The Edgewood and Superior Apartments, a total of 53 units located in Michigan City, Ind., according to Josh Caruana, regional manager of the firm’s Indianapolis office. The asking price was more than $2 million, and the final sales price was not disclosed.
Eric Bell and Michael Wernke, investment specialists in Marcus & Millichap’s Chicago and Indianapolis offices, had the exclusive listing to market the property on behalf of the seller, a local limited liability company. The buyer, also a locally based limited liability company, was also secured and represented by Bell and Wernke.
The Edgewood and Superior Apartments were appealing as they were nearly 100 percent occupied at closing and had a historical record of high occupancy, as well as benefitting from excellent locations within the submarket.
