ICONIC Property Partners Acquires 372-Unit Deercross Apartments From Wilkinson Corp For $44.7M

The Deercross apartments, situated at 7007 Deer Path Drive in Indianapolis, IN, were sold for $44.7 million. This multifamily property consists of 372 units, with a price per unit of $120,161. Built in 1979, the community offers one- and two-bedroom units along with various on-site amenities. The property is subject to an $18.69 million Fannie Mae loan at an interest rate of 4.66%, which matures in 2033.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $44,700,000
• Buyer: ICONIC Property Partners
• Seller: Wilkinson Corp.
• Broker: CBRE
• Units: 372
• Price per Unit: $120,161
• Previous Purchase Price: $29,440,000
• Loan Amount: $18,690,000
• Loan Interest Rate: 4.66%
• Loan Maturity: 2033

This transaction involved ICONIC Property Partners acquiring the asset from Wilkinson Corp., which had previously purchased the property in 2021. The deal also highlights the role of CBRE as the broker representing the transaction.