10/8/2007

CBRE Indianapolis brokers $29 million multi-family sale

by

Central Park at Metropolis

Mr. LaMotte

Chicago-based Becovic Management Group has expanded its multi-family portfolio into central Indiana with the acquisition of the Central Park at Metropolis apartment homes in Plainfield, Ind., for $29.5 million.

Steve LaMotte and Amy Burmeister of CB Richard Ellis' Indianapolis office represented the seller in the transaction, Flaherty & Collins.

The 264-unit apartment community was completed in 2006 and contains one-, two- and three-bedroom apartment homes in 29 buildings. Becovic plans to add an additional 51 units and has hired Flaherty & Collins' construction division to build the units.

Becovic Companies and Becovic Management Group are Midwest-based providers of apartment homes.

LaMotte, a senior vice president, has been with CBRE since 1994. Since that time, he has been involved in more than 131 apartment transactions totaling more than $1.2 billion.

Burmeister is a senior associate with CBRE and manages the operations of the Multi-Housing group and focuses on the sale of multi-housing properties in Indiana and Kentucky.

Address: 750 Central Park Drive, Plainfield, Ind.

Size: 264 units

Built: 2006

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Filed Under: Multi-Family

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