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Buyers Show Interest in Multi Family Listings in Indiana

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By : John Cutts    99 or more times read
Properties in multi family listings seemed to be gaining the interest of buyers and investors in Indiana. Most parts of the state are experiencing increased activities, with apartments, condominiums and other commercial residential properties getting snatched from the market by investors eager to take advantage of the decline in homeownership and the surge in rental housing.

According to housing market analysts, most buyers are reluctant to invest in houses while Fort Wayne foreclosure listings and distressed property listings in various markets of the state remain in high levels. With most ordinary home buyers also reluctant to purchase residences and are opting to rent instead, some investors are thinking that now is probably the best time to take a chance on multifamily properties.

With Indiana home foreclosures continuing to rise, investors are shifting their attention to apartments and condo buildings. One example is the partnership led by Milhaus Development LLC and Gene B. Glick Co. which bought the Maxwell Apartments located in Indianapolis. The partnership purchased the property from Star Financial Bank last week. The apartment building is comprised of five stories and 105 luxury units. The ground level is reserved for retail and office spaces.

The Maxwell building is one of the properties under multi family listings developed two years ago. Initially, the property was planned as condominium units, with starting price for each unit estimated at $140,000. However, demand for condo units declined when the housing market crisis started and developer Kosene & Kosene was forced to convert the property into apartments instead. The developer also tried to renegotiate a mortgage loan with lender Star Financial which later took over the ownership of the property.

Currently, the apartments are being offered with a starting monthly rent of $815. The fact that the units are almost full shows that a lot of people are more interested in renting properties than taking a chance on purchasing dwellings from list of home foreclosures for sale. This is reportedly one of the reasons for Glick and Milhaus' interest in the building.

Officials from the partnership have stated that Maxwell is an ideal addition to the company's luxury multi family listings portfolio since the structure located at a high-end address. Glick also owns the Indianapolis-based Somerset Lakes Apartments and has developed the luxury apartment project, Westhaven, in Zionsville.

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