Walker & Dunlop Lists Milhaus’ Artistry, Indianapolis’ Iconic Mixed Use Apartment Complex

Artistry Apartments. (Photo: Business Wire)

BETHESDA, Md.--()--Walker & Dunlop, Inc.'s Midwest Investment Sales team announces its role as the exclusive advisor for Artistry, an iconic mixed use apartment complex in the cornerstone of Indianapolis' urban residential landscape. Comprising 554 units, Artistry presents a prime opportunity to acquire both size and scale in one of the Midwest's most vibrant markets. According to Yardi Matrix, the Indianapolis metro area is the #4 rent growth market in the nation and as RealPage reports, continues to dominate the multifamily leaderboard as one of six US markets forecast to achieve 3%+ 2024 rent growth.

The newly acquired Walker & Dunlop Indiana Investment Sales team, led by Steve LaMotte Jr., is a longtime advisor to client, manager and developer, Milhaus. The team is looking to identify a buyer who will acquire the Artistry free and clear or with the option to assume the existing Fannie Mae loan. The buyer will enjoy favorable terms, including a full-term interest-only period at a below- market rate.

The acquisition of Artistry offers an excellent single investment opportunity that carries a flag in one of the most predictable and best performing metros in the nation,” said Andrejs Kancs, vice president of finance and asset management at Milhaus. “We are looking forward to working with our colleagues at Walker & Dunlop again, who have in-depth expertise and experience in the Indianapolis market.”

Artistry, the cornerstone of a three-phase complex including Mentor & Muse and Mosaic, has redefined urban living in Indianapolis. With an unmatched amenity package boasting a rooftop infinity pool overlooking the skyline, putting greens, dual-level fitness centers, and chic gathering spaces, Artistry delivers an unparalleled lifestyle. Situated strategically across from Cummins' global distribution headquarters and near major employers such as Salesforce, Eli Lilly, and Indiana University, Artistry offers diverse employment opportunities. Its prime location also grants easy access to premier amenities, entertainment venues, and top attractions, solidifying its status as the pinnacle of urban living.

"With 554 units at center of everything downtown Indianapolis, Artistry is the most walkable asset and recognizable brand in this powerhouse Midwestern market. Its acquisition brings with it the opportunity to drive rents which are among the lowest in its competitive set. Artistry also produces positive leverage on in-place, tax-adjusted NOI, unlike most Indianapolis deals over the past 24 months," said Steve LaMotte, Jr., managing director of Investment Sales at Walker & Dunlop. "We are excited to work with our partners at Milhaus again in bringing this terrific asset to market."

The acquisition of Artistry allows investors to secure a high-density urban asset below replacement cost. With potential rent gaps of up to $1,000 among top assets in its competitive set, there is significant upside potential through interior and amenity upgrades. Additionally, 40,000 square feet of vacant street-level commercial space offers the potential for reshaping the Artistry streetscape.

Walker & Dunlop is a leader in multifamily property sales, having completed over $8.7 billion in property sales volume in 2023. The firm is also one of the top providers of capital to the U.S. multifamily market. Over the same period, Walker & Dunlop originated over $24 billion in debt financing volume, including lending over $20 billion for multifamily properties. To learn more about our capabilities and financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

Contacts

Investors:
Kelsey Duffey
Investor Relations
Phone 301.202.3207
investorrelations@walkeranddunlop.com

Media:
Nina H. von Waldegg
VP, Public Relations
Phone 301.564.3291
info@walkeranddunlop.com

 

Contacts

Investors:
Kelsey Duffey
Investor Relations
Phone 301.202.3207
investorrelations@walkeranddunlop.com

Media:
Nina H. von Waldegg
VP, Public Relations
Phone 301.564.3291
info@walkeranddunlop.com