Two Indiana apartment communities have sold for more than $15 million, CB Richard Ellis reported Monday.
CB Richard Ellis represented the sellers in both transactions, which involved 492 housing units.
AIMCO sold the 284-unit North Park Apartments in Evansville to New York-based The Embassy Group LLC, and The Compass Group Inc. sold the 208-unit Village Square Apartments in Lafayette to an unidentified buyer.
“The sale of both properties emphasizes the growing demand for Midwestern multihousing product from investors based on both the East and West coasts of the U.S.,” said Steve LaMotte, first vice president of CBRE’s Multi-Housing Group. “Reasonable pricing, favorable cap rates and a stable recovery attract investors to the Midwest.”