Local apartment developer Milhaus LLC is finalizing the sale of four of its largest Indianapolis properties in an $82 million deal.
The firm is selling The MK in Meridian-Kessler, Pinnex and Edge 35 in Fountain Square, and 747 in the downtown corridor to Kansas City, Missouri-based investment firm KC Venture Group LLC. The properties total 331 units.
The sales are part of Milhaus’ long-term growth strategy, which sets the firm’s sights on “larger developments” in the Midwest and beyond, the firm said in a statement.
“Each of these properties is a proven model for our expertise and has allowed us to expand to 12 additional states over the past decade,” the statement said. “We have continued to build our portfolio across the Midwest and Sunbelt, and our long-term plan has been to transition our portfolio to focus on larger developments.”
KC Venture Group LLC is an investment fund that was formed in 1994 to acquire and redevelop multifamily assets. The firm’s current holdings total 5,000 units, with a market value of more than $750 million.
Further information on the properties on the selling block:
— The MK, 5858 N. College Ave., selling for $31 million. Completed in 2019, the 100-unit property features 9,200 square feet of street-level retail space. It cost $23 million to develop.
— Edge 35, 1234 Prospect St., $20.9 million. An upscale, mixed-use property along a main artery of the Fountain Square neighborhood, Edge 35 features 118 units.
— Pinnex, 931 Fletcher, $16.3 million. A 77-unit property in Fountain Square, featuring a backyard with hammocks, a patio and a pet wash, as well an area where residents can do painting and woodworking projects.
— 747, 747 College Ave., $13.3 million. A 36-unit property completed in 2018, the property is situated at the corner of Massachusetts and College avenues and features street-level retail space.
Milhaus has sold several apartment properties in recent years, including The Maxwell downtown and Mozzo near Fletcher Place. The deal is expected to close by the end of 2021. KC Venture Group could not immediately be reached for comment.
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Milhaus builds the lowest build quality they can get away with, and then exits. Their “Artistry” property in Indianapolis, for instance, might better be called “Dreck.” It looks like they ran out of budget and quit, mid-project. Its signature architectural feature is what appear to be slide-outs, akin to a motor home in a campsite, but not as nice. It might as well be called Whatever-Materials-Are-On-Sale-This-Quarter Estates. Everything they build is ugly and cheap and a stain on wherever they are operating. Bleh.
+1
Exactly. Pretty typical of Ball State CAP grads though.
Now build all High-rises!!!!!! All over the downtown!!!and county!!!! All alone 465 also!!!