Marcus & Millichap Closes $25.8 Million Sale of 412-Unit Indy Town Apartments Portfolio in Indianapolis

INDIANAPOLIS — Marcus & Millichap (NYSE: MMI) announced Nov. 3 the sale of Indy Town Apartments, a 412-unit, four-property multifamily portfolio on the Eastside of Indianapolis, for $25.8 million. The price equates to approximately $62,621 per unit.

Aaron Kuroiwa, senior managing director investments in Marcus & Millichap's Indianapolis office, and Austin Meeker of Marcus & Millichap represented the seller. The buyer is a Northeast-based investor.

Marcus & Millichap Details Portfolio Sale Terms

The portfolio comprises Arlington Green, Glen Ridge, Frederick Square and Greenway. The seller built the portfolio over the last decade and executed a business plan that included refinancing into agency debt, according to the firm.

"Located in one of the strongest rent growth markets in the nation over the past few years, the portfolio was offered at an attractive basis, allowing the buyer to immediately acquire scale in Indianapolis at a price per unit lower than multiple nearby comparable sales," Kuroiwa said. He added that the Northeast-based buyer was drawn by the portfolio's immediate scale and the attractive assumable loan.

Four Eastside Indianapolis Multifamily Properties

The four properties are less than 10 minutes from each other on the Eastside of Indianapolis, close to the Community Heights and Arlington Woods neighborhoods. Interstate 70, Interstate 465 and U.S. Route 40 are nearby.

• Arlington Green: 181 units in five buildings, at 6046 E. 21st St.
• Glen Ridge: 70 units in 21 buildings, at 4737 E. 19th St.
• Frederick Square: 65 units in three buildings, at 6020 E. 30th St.
• Greenway: 96 units in four buildings, at 5300 E. 21st St.

The properties were constructed between 1950 and 1968, and all units were renovated in 2019. Since then, 181 of the units have received additional upgrades, and 73 apartments have been completely renovated.

Employers in the vicinity include Defense Finance and Accounting Service, Indiana University Health Hospital, Eli Lilly and Indiana University Indianapolis. Shopping is within a short drive at Castleton Square, The Fashion Mall at Keystone and Glendale Town Center.

Indianapolis Multifamily Market Context

Marcus & Millichap's 2026 Indianapolis forecast calls for approximately 3,000 new units, equal to about 1.6% of existing inventory. The forecast projects a 5.0% vacancy rate, a 1.6% year-over-year decline in vacancy, and a 2.3% increase in average effective rent to $1,345. Expected rent growth remains below the Indianapolis 2014–2019 average annual pace of 4.2%.

The same report shows the metro's average price per unit rising from approximately $114,000 in 2022 to $142,000 in 2025, while the average cap rate declined from roughly 6.6% to 5.0% over that period. The portfolio's implied price of about $62,621 per unit sits well below that metro-level average, though the comparison is not like-for-like: the portfolio consists of older, renovated properties, and the report's figures may reflect a different mix of transactions.

A separate 2026 Indianapolis market assessment put metro vacancy at approximately 7.5% at midyear, with Class B/C vacancy around 5.5% and Class A vacancy near 8.0%. The differences from Marcus & Millichap's forecast likely reflect timing, inventory definitions and methodology.

Marcus & Millichap Transaction Activity

Marcus & Millichap had 1,808 investment sales and financing professionals in more than 80 offices throughout the United States and Canada as of Dec. 31, 2025. The firm closed 8,818 transactions in 2025, with sales volume of approximately $50.9 billion.

Sources

• Marcus & Millichap press release: Marcus & Millichap Closes Four-Property Multifamily Portfolio Sale in Indianapolis (Nov. 3, 2026)