Firm also procures buyer for seventh community comprising 72 additional rental homes

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced it has been retained to sell a portfolio of six build-to-rent communities across the Indianapolis metro comprising 322 pre-built homes.

All six communities are being built by Indianapolis-based Davis Homes, a third-generation custom homebuilder, which has completed most horizontal infrastructure. Each community can be acquired individually, with investors selecting their desired floor plans prior to vertical construction.

Marcus & Millichap’s Scott Harris, senior managing director investments, and Samuel McCarthy, senior associate, are marketing the portfolio on behalf of Davis Homes, with a call for offers set for Sept 8.

“The interest in build-to-rent housing exploded during the pandemic, with demand driven largely by consumers who want the square footage of a single-family home while enjoying the flexibility of the rental lifestyle,” said McCarthy. “These six communities offer investors the opportunity to scale quickly, without having to identify multiple infill locations, and capitalize on favorable market conditions as for-sale inventory remains low.”

The communities in the portfolio include:

  • The Courtyards at Bellewood; 10829 E. 38th St., Indianapolis; 42 duplex units
  • Ridgefield; 7700 E. Troy Ave., Indianapolis; 86 detached single-family homes
  • Pennington; 3130 N. German Church Road, Indianapolis; 68 detached single-family homes
  • The Towns at Fort Harrison; 5747 N. Post Road, Indianapolis; 18 three-story townhomes
  • Stratford Place; 544 Amos Road, Shelbyville (approximately 30 miles southeast of downtown Indianapolis); 72 detached single-family homes
  • Spring Hill at Tipton Lakes; 6983 Stoney Ridge Drive, Columbus (approximately 45 miles south of downtown Indianapolis); 36 detached single-family homes

Available floor plans, which vary by community, include three-, four- and five-bedroom layouts ranging from 1,450 to 2,770 square feet, with rents expected to span from $1,675 to $2,750 a month depending on home size and location. The homes will be built and delivered in tranches of four to six homes per month until completion, with construction on each home estimated to take four to five months. Each community is projected to take between 12 and 18 months for full buildout upon all horizontal infrastructure being finalized.

A seventh community, Westhaven, consisting of 72 rental homes and located just west of Indianapolis International Airport in suburban Avon, was originally part of the portfolio and is currently under contract.

The Harris and McCarthy team sold over 800 rentals homes in 2021, including a portfolio of 505 homes in Cincinnati, St. Louis and Kansas City, Mo.  

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

Ridgefield Community – Marcus & Millichap has been retained to sell a portfolio of six build-to-rent communities across the Indianapolis metro comprising 322 pre-built homes, including the 86-home Ridgefield community at 7700 E. Troy Ave.
Lafayette Floor Plan – The Lafayette, a two-story, 2,259-square-foot home with four or five bedrooms, two full baths and one half-bath, is one of the options investors can select from at the Springhill at Tipton Lakes community.
Lincoln Floor Plan – Among the floor plans that investors can select from at the Pennington, Ridgefield and Stratford Place communities is the Lincoln, which at 1,949 square feet, offers four bedrooms, two full baths and one half-bath.