VOL. 132 | NO. 52 | Tuesday, March 14, 2017
Portfolio Featuring Highland Row Development Up for Sale
By Patrick Lantrip
A 13-property portfolio that includes the Highland Row mixed-use development near the University of Memphis has been put on the market for sale or recapitalization by CBRE Group Inc. on behalf of Indianapolis-based Milhaus.
The portfolio, which totals 2,300 multifamily units with 122,456 square feet of commercial space in six metro markets, is being marketed by CBRE Indianapolis senior vice president Steve LaMotte and first vice president Dane Wilson. All the properties are new or recent construction located within urban cores with high walkability scores.
(Daily News File/Andrew J. Breig)
Along with the 354-unit Highland Row, the portfolio includes a 291-unit property in Milwaukee, Wisconsin; a 131-unit property in Cincinnati, Ohio; a 329-unit property in Oklahoma City, Oklahoma; a 93-unit property in Louisville, Kentucky; and eight properties totaling 1,147 units in Indianapolis, Indiana.
Milhaus reportedly invested $61 million in Highland Row, which is not yet fully completed.
“This portfolio spans a broad range of dynamic submarkets in metros that are still emerging,” LaMotte said. “The urban core portfolio is a rare opportunity to deploy a critical mass of capital in newly constructed, best-of-class assets.”
“We are excited for Milhaus and for investors as we bring this portfolio to market,” Milhaus CEO Tadd Miller said. “Our company has built some of the highest quality assets in the best locations in each of our cities, and we will use the proceeds from this transaction to further Milhaus’ growth and our ability to make positive change in the communities in which we live and work.”
In 2014, Milhaus acquired several vacant parcels along Highland Avenue for $4.3 million that it would eventually develop into Highland Row. The mixed-use development features several retail components, including the restaurant Char and craft brewery franchise Casual Pint.
Founded in 2010, Milhaus focuses on Class A urban, multifamily residential developments in key Tier II cities in the central U.S., Florida and the Carolinas.