Triad Real Estate Partners closed the recent sale of a 101-Unit, 110,075-square-foot mixed-use asset in downtown Lafayette, Indiana.
The building is a new construction mixed-use property in the heart of downtown Lafayette. It sits directly alongside the Wabash River. It is also less than two miles from Purdue University. The property was built in 2016 and experienced consistent occupancy growth during the pandemic, which resulted in it being 100 percent occupied currently.
MARQ’s state-of-the-art facility includes garage parking, a fitness center, a resident lounge and a private green roof terrace with grill. The apartments come with private balconies, walk-in closets, and stainless-steel appliances. In addition, there is 23,238 square feet of street-level commercial spaces that are fully occupied with a regional Old National Bank Branch and the popular local restaurant BRU Burger Bar.
The seller is a family-owned regional developer based out of Indianapolis who takes pride in developing Class-A assets to strengthen neighborhoods in the state of Indiana. The buyers are a family office based out of Los Angeles who plan to benefit from the management efficiencies and continue to diversify their Midwest portfolio of market-rate properties.
The price for this transaction was $34.05 million.