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 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. 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 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.