Two multi-family properties change hands

Two multi-family apartment properties sold for a combined $14.1 million in Indianapolis.

Greentree Apartments and Sawmill Apartments have a combined 672 units. The properties were sold as a package.

John Sebree, a senior investment associate in Marcus & Millichap Real Estate Investment Brokerage's Indianapolis office, had the exclusive listing to market the properties on behalf of the seller, an Ohio-based private investor.

Sebree was awarded the exclusive marketing listing after another brokerage had marketed the properties unsuccessfully for almost a year, according to Marcus & Millichap. He generated a national marketing campaign and a competitive environment with multiple offers before he secured and represented the buyer in the transaction, Indianapolis-based Saw Mill Realty LLC.

Greentree Apartments sold for $9.57 million. The property is a 456-unit garden-style apartment community on an expansive 33-acre site. Greentree was constructed in 1969 with 315,132 rentable square feet. The unit mix consists of 132 one- and 324-two bedroom apartments. Property amenities include a swimming pool with sundeck, clubhouse, playground, tennis court and basketball court.

Sawmill Apartments sold individually for $4.53 million. The 216-unit garden-style apartment community has high visibility from Interstates 465 and 65. The unit mix consists of 108 one- and 108 two-bedroom apartments. Sawmill was constructed in 1968 with a total of 151,800 square feet. Property amenities include a swimming pool with sundeck, clubhouse, playground, tennis court and basketball court.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage that focuses exclusively on real estate investments.

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