Cushman & Wakefield Closes Indiana’s First Build-to-Rent Multifamily Investment Sale
INDIANAPOLIS, June 6, 2023 – Cushman & Wakefield announced today that the firm represented Reinbrecht Homes in its sale of Circle Point Villas in Princeton, Indiana, to a joint venture of JMF Capital and Yellowstone Property Group.
Cushman & Wakefield Executive Vice Chairs George Tikijian and Hannah Ott and Director Cameron Benz represented Reinbrecht Homes in the transaction. The deal marks the first investment sale of a purpose-built, build-to-rent community (BTR) in Indiana.
Located in the Evansville, Indiana, MSA, Circle Point Villas includes 125 units that average 1,220 square feet. Construction at the 19-acre development concluded this year. Circle Point Villas offers spacious open layouts, direct access garages, green space, patio and front porch, laundry room with W/D and a full appliance package. With the expansion of Toyota’s nearby manufacturing operations and other economic drivers, average household income is expected to grow 10% in the next four years, a positive predictor for future rent growth.
“Renters increasingly prefer the privacy, yards, garages and square footage of a home without the burden of ownership,” said Benz, a Director with Cushman & Wakefield’s Midwest Multifamily Advisory Group. “Peak home prices coupled with the flexibility of renting and desire for suburban living have boosted the demand for BTR communities. Build-to-rent homes attract millennials, baby boomers and prospective home buyers tired of the house hunt with the flexibility to move when they want and maintenance free living with professional on-site management.”
Cushman & Wakefield’s Midwest Multifamily Advisory Group is the leading brokerage team in Indiana, with 72%* market share year-to-date. In 2022, the team represented clients in closing more than $1.6 billion in multifamily investment sales.
*Source: RCA, 40+ units
Cushman & Wakefield’s Midwest Multifamily Advisory Group Represents Reinbrecht Homes in Sale of Circle Point Villas in Princeton, Indiana
Bailey Webb • 6/6/2023
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.