CB Richard Ellis’ Multi-Housing Group negotiated the sale of Bayberry Place Apartments, a 152-unit luxury property in Brownsburg, Ind.

The value of the transaction was not disclosed.

The Urbahns Co. sold the property IGC Realty Advisors, a Merrillville, Ind.-based company.

Bayberry Place Apartments, completed in 2003, is located south of the Interstate 74 interchange on State Road 267. The property’s proximity to expanding nearby employment centers and Indianapolis generated strong investor interest, according to a press statement.

Los Angeles-based CB Richard Ellis Group Inc. provides commercial real estate services worldwide.

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