CBRE Arranges Sale of 280-Unit Autumn Breeze Apartments
30 Apr 2020
CBRE has arranged the sale of a 280-unit apartment community in the Indianapolis metro. Passco Companies sold the Autumn Breeze Apartments, located at 14901 Beauty Berry Lane, to Lightstone Group in a transaction that closed March 17, 2020. A purchase price was not disclosed.
Steve LaMotte, Jr., an executive vice president and co-leader of the CBRE’s Indianapolis Louisville Multifamily represented Passco Companies in the transaction.
Built in 2009, Autumn Breeze is located in Noblesville, one of the metro’s most prestigious and sought-after submarkets. The property boasts some of the largest units in the submarket and offers amenities including direct-access garages in several units, energy-efficient appliances, full-size washers and dryers and private patios/balconies with storage closets. The community is replete with amenities such as a resort-style pool, resident business/study center, canine agility park, spacious sun patio, and a grilling pavilion.
“Autumn Breeze presented a rare opportunity for an investor to acquire a well-built suburban luxury apartment community primed for a complete value-add renovation,” said LaMotte, Jr. “We sourced 23 offers to purchase the property, which speaks to the tremendous demand for Indianapolis metro multifamily, even in our current market conditions.”
CBRE Indianapolis Louisville Multifamily has transacted over $2.2 billion since 2014.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.