Walker & Dunlop Lists Milhaus’ Artistry, Indianapolis’ Iconic Mixed Use Apartment Complex
June 03 2024 - 6:00AM
Business Wire
Walker & Dunlop, Inc.'s Midwest Investment Sales team
announces its role as the exclusive advisor for Artistry, an iconic
mixed use apartment complex in the cornerstone of Indianapolis'
urban residential landscape. Comprising 554 units, Artistry
presents a prime opportunity to acquire both size and scale in one
of the Midwest's most vibrant markets. According to Yardi Matrix,
the Indianapolis metro area is the #4 rent growth market in the
nation and as RealPage reports, continues to dominate the
multifamily leaderboard as one of six US markets forecast to
achieve 3%+ 2024 rent growth.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240603861307/en/
Artistry Apartments. (Photo: Business
Wire)
The newly acquired Walker & Dunlop Indiana Investment Sales
team, led by Steve LaMotte Jr., is a longtime advisor to client,
manager and developer, Milhaus. The team is looking to identify a
buyer who will acquire the Artistry free and clear or with the
option to assume the existing Fannie Mae loan. The buyer will enjoy
favorable terms, including a full-term interest-only period at a
below- market rate.
“The acquisition of Artistry offers an excellent single
investment opportunity that carries a flag in one of the most
predictable and best performing metros in the nation,” said Andrejs
Kancs, vice president of finance and asset management at Milhaus.
“We are looking forward to working with our colleagues at Walker
& Dunlop again, who have in-depth expertise and experience in
the Indianapolis market.”
Artistry, the cornerstone of a three-phase complex including
Mentor & Muse and Mosaic, has redefined urban living in
Indianapolis. With an unmatched amenity package boasting a rooftop
infinity pool overlooking the skyline, putting greens, dual-level
fitness centers, and chic gathering spaces, Artistry delivers an
unparalleled lifestyle. Situated strategically across from Cummins'
global distribution headquarters and near major employers such as
Salesforce, Eli Lilly, and Indiana University, Artistry offers
diverse employment opportunities. Its prime location also grants
easy access to premier amenities, entertainment venues, and top
attractions, solidifying its status as the pinnacle of urban
living.
"With 554 units at center of everything downtown Indianapolis,
Artistry is the most walkable asset and recognizable brand in this
powerhouse Midwestern market. Its acquisition brings with it the
opportunity to drive rents which are among the lowest in its
competitive set. Artistry also produces positive leverage on
in-place, tax-adjusted NOI, unlike most Indianapolis deals over the
past 24 months," said Steve LaMotte, Jr., managing director of
Investment Sales at Walker & Dunlop. "We are excited to work
with our partners at Milhaus again in bringing this terrific asset
to market."
The acquisition of Artistry allows investors to secure a
high-density urban asset below replacement cost. With potential
rent gaps of up to $1,000 among top assets in its competitive set,
there is significant upside potential through interior and amenity
upgrades. Additionally, 40,000 square feet of vacant street-level
commercial space offers the potential for reshaping the Artistry
streetscape.
Walker & Dunlop is a leader in multifamily property sales,
having completed over $8.7 billion in property sales volume in
2023. The firm is also one of the top providers of capital to the
U.S. multifamily market. Over the same period, Walker & Dunlop
originated over $24 billion in debt financing volume, including
lending over $20 billion for multifamily properties. To learn more
about our capabilities and financing options, visit our
website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial
real estate finance and advisory services firms in the United
States. Our ideas and capital create communities where people live,
work, shop, and play. The diversity of our people, breadth of our
brand and technological capabilities make us one of the most
insightful and client-focused firms in the commercial real estate
industry.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240603861307/en/
Investors: Kelsey Duffey Investor Relations Phone
301.202.3207 investorrelations@walkeranddunlop.com
Media: Nina H. von Waldegg VP, Public Relations Phone
301.564.3291 info@walkeranddunlop.com
Walker & Dunlop (NYSE:WD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Walker & Dunlop (NYSE:WD)
Historical Stock Chart
From Jul 2023 to Jul 2024