CHICAGO, IL – April 19, 2013 – (RealEstateRama) — Cushman & Wakefield’s Midwest Multifamily Advisory Group is pleased to announce the sale of Central High and Stephenson Mill Apartments in South Bend, Indiana on behalf of a Fortune 500 company to Denver, CO based Forum Real Estate Group.
The value-add multifamily portfolio contains 145 apartment homes located in the heart of downtown South Bend. Both properties are unique adaptive reuse projects that were converted to apartments in the mid 1990’s using low income housing tax credits (LIHTC). Central High, located at 330 W. Colfax Ave., served as downtown South Bend’s public high school for over 55 years. Stephenson Mill, located between the St. Joseph River and the East Race waterway at 322 E. Colfax Ave., was originally built as a textile mill in the early 1900’s.
Bill Montana and Chris Sackley in C&W’s Chicago office led the transaction team on behalf of the seller, which also included Amy Burmeister and Adam Ehret from the firm’s Alliance partner, Summit Realty in Indianapolis. Forum Real Estate Group was represented in-house.
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Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, fully-integrated on a global basis, including leasing, sales and acquisitions, debt and equity financing, investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly-owned subsidiary, Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.