facebook
Traded Co logo
Submit

Heritage Affordable Communities Acquires 824-Unit Multifamily Property In Indianapolis For $33M

Property Image
SOLD
$33,000,000

Indiana

See Similar Deals
MultiFamily840,252 SF
Sold 11/03/2021
the dealplayerscompscontact
Property Image
SOLD

Heritage Affordable Communities Acquires 824-Unit Multifamily Property In Indianapolis For $33M

3645 Wingate Court, Indianapolis, Indiana, USA

See Similar Deals
MultiFamily840,252 SF
Sold 11/03/2021
the dealplayerscompscontact
Contact now

Summary

INDIANA
Asset Type:MultiFamily
Price Per Square Foot:$39
Total Square Footage:840,252 SF
Transaction Type:Sale

The multifamily property located at 3645 Wingate Court in Indianapolis, IN, has been sold in a transaction. The sale was facilitated by Steven Vegh and Alex Hajibay. The deal was finalized on 11/03/2021.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $33,000,000
  • Address: 3645 Wingate Court
  • Market: Indianapolis, IN

The buyer of the property is Heritage Affordable Communities, while the seller is Meridian Group, represented by Ramsey Hakim. The transaction was assisted by Steven Vegh from Westwood Realty Associates.

The property consists of 824 units, with a per unit price of $40,048. It is worth noting that Heritage Affordable Communities has a total of eleven affordable housing deals under contract, amounting to approximately 3,000 units and $205M. The company is actively expanding its portfolio in the affordable housing sector.

Players

Steven Vegh
Westwood Realty Associates
Steven Vegh
68 deals$2.5B volume(917) 715-8259
BROKER
Steven Vegh
Westwood Realty Associates
Steven Vegh
68 deals$2.5B volume(917) 715-8259
BROKER
Heritage Affordable Communities
Heritage Affordable Communities
BUYER
MG
Meridian Group
SELLER

Details

SOLD
IMAGE: Steven Vegh & Alex Hajibay DATE: 11/03/2021 ADDRESS: 3645 Wingate Court MARKET: Indianapolis, IN ASSET TYPE: Multifamily BUYER: Heritage Affordable Communities SELLER: Meridian Group - Ramsey Hakim BROKER: Steven Vegh - Westwood Realty Associates PRICE: $33,000,000 UNITS: 824 ~ PPU: $40,048 NOTE: This is only one of the eleven affordable housing deals that Heritage Affordable Communities has under contract at the moment. These projects total approximately 3,000 units and $205M. Heritage is extremely active in the affordable space and will continue to expand its portfolio in the upcoming months.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,759,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$117,242.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$156,436.84
Annual Debt Service$1,877,242.03