5-50 units in Indianapolis

[Scott McGurk]

Good morning all, I just purchased my first duplex in Indianapolis in July and now I'm looking to purchase my first 5-50 unit apartment complex in the Indianapolis area. Does anyone have a listing or two in the area? Thanks, Scott

[Spencer Gray]

I would start with the brokers: Tikijan, Cushman, CBRE, Berkadia, etc.  

Tikijan usually has larger (100-1000 unit) multifamily listings around the state, but often has some sub 100 unit properties. Looks like the smallest listed currently property is a 66 unit in Brownsburg.

http://www.tamultihousing.com/get_listings.cfm

It's mostly relationship driven so if you haven't already I would reach out even if they don't have anything listed at the moment and get the ball rolling. A lot of deals are never listed and taken directly to known buyers so you need to be on their radar.

There's also some syndication opportunities around Indy if you are looking to scale.

[Scott McGurk]

Thanks for the information. I’ve reached out to a few different brokers and Tikijian has been one of them. The problem, which is good for them, is that they always have multiple bids. I remember on one of their properties they had 28 groups walk the property and 24 of them submitted a bid.

Scott