CBRE Arranges Sale of 400-Unit Waterside at Castleton Apartments
31 Jan 2020
CBRE has arranged the sale of Waterside at Castleton, a 400-unit property located on the northeast side of Indianapolis. Steve LaMotte, Jr., Executive Vice President and Dane Wilson, Senior Vice President in CBRE’s Indianapolis office represented the seller, Wilkinson Corporation and their partner BRT Apartments Corp., a publicly traded REIT (NYSE: BRT). The property was sold to Muesing Management in a transaction that closed December 17, 2019. A purchase price was not disclosed.
“The sale of Waterside at Castleton with nearly 20 offers and pricing that dipped into the 4- CAP range, represents the continuation of the national apartment investment market’s insatiable appetite for Indianapolis,” said LaMotte.
Waterside at Castleton is located two blocks from Community North Hospital creating a rare suburban walk-to-work opportunity for Waterside residents. The property also enjoys proximity to one of Indianapolis’ most critical interchanges at 82nd Street/I-69.Waterside at Castleton was presented and bid as a full value-add acquisition opportunity.
The CBRE Indianapolis Louisville Multifamily Team has transacted over $2.4 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.