$11.85M sale completed for The Annex of New Albany in Southeast Indiana
JLL Capital Markets brokered the sale of the multi-housing property located in New Albany, just miles from Louisville
CHICAGO, June 3, 2021 – JLL Capital Markets announced today it closed the $11.85 million sale of The Annex of New Albany, a garden-style multi-housing property located in New Albany, Indiana, a suburb situated near the state’s border and just miles from Louisville, Kentucky.
JLL represented the seller, The Annex Group, to complete the sale to the buyer, Zidan Management Group.
The Annex totals 113,782 rentable square feet, nine buildings and consists of 141 studio, one-, two- and three-bedroom units. The apartments also feature community amenities, such as a clubhouse with resident lounge, flat screen TV and kitchen and a 24-hour fitness center.
The property is located at 4100 Prestwick Square in Wayne County, Indiana. New Albany is situated along the Ohio River, contains 37,000 residents and is home to Indiana University Southeast, a 180-acre campus that has a student body of 5,000. The Annex also benefits from its access to major employers, including UPS and Ford Motor Company in Louisville, employing over 37,000, and its growing economy of over 625,000 residents.
The JLL Capital Markets team representing the seller was led by Managing Director David Gaines, Senior Director Scott Clifton, and Director Kyle Butler.
“We continue to see private capital investors make long term “bet-on-America” buys across the Midwest for prime multi-housing opportunities like The Annex of New Albany,” said Gaines. “These groups seek to acquire in strong markets like the Louisville MSA with favorable demographic trends and a strong employment base. Multi-housing real estate assets like these are tax-efficient investments distinguished by low volatility, predictable cash flow and attractive yields, which makes them highly desirable as alternative investment options.”
This is the fourth multi-housing real estate asset added to Zidan’s portfolio this year. Zidan recently added Barton Farms, a 262-unit community and Bexley Village, a 276-unit community, both in Greenwood, Indiana; as well as, Camelot East, a 492-unit community located in Fairfield, Ohio.
“We will grow our Midwest market presence by more than 25% this year,” says Raed Zidan, President of Zidan Management Group. “With above-average population growth rates, there is a growing demand for apartment-style living. The future is bright.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Annex Group®
The Annex Group® is a leading affordable, workforce and student housing developer with a focus on providing innovative, amenitized housing in emerging markets throughout the United States. The Annex Group encompasses a vast portfolio of communities valued at more than $500 million. Serving as a catalyst for economic development, The Annex Group has overseen over $1 billion in commercial projects including redevelopment and ground-up construction. The Annex Group is proudly headquartered in Indianapolis, Indiana. To learn more about The Annex Group, visit www.theannexgrp.com or follow them on Facebook and LinkedIn.
About Zidan Management Group, Inc.
Zidan Management Group, Inc. is a rapidly growing and highly acclaimed multifamily property management company. Founded by brothers Hani and Raed Zidan in 2001, ZMG is a proven real estate industry leader specializing in the acquisition, development, and management of multifamily apartment and townhome complexes equipped with exceptional amenities. Based in Indianapolis, Indiana, ZMG currently owns and manages over 5,000 apartment units throughout the Midwest U.S. ZMG is well-known for its knowledgeable and skilled team of real estate professionals possessing more than 100 years of combined industry-specific experience; and has received numerous accolades from top real estate and multifamily professional organizations and associations.