Closing The Deal At Cross Lake

St. Louis-based Cross Lake Apartments, LLC purchased the newly constructed, Cross Lake Apartments in Evansville, IN for $13,024,000. The Cross Lake Apartments are located at 7900 Circle Front Court on the affluent east side of Evansville at the intersection of I-164 and Lloyd Expressway. The 208-unit luxury community was completed in October 2001 and boasts spacious, contemporary layouts with vaulted ceilings, private entrances and lake views. The property encompasses 209,936 rentable square feet on a 4.82-acre parcel. The unit mix is comprised of 48 one-bedroom/one-bath units, 118 two-bedroom/two-bath units and 42 three-bedroom/two-bath units, ranging from 788 to 1,238 square feet. Monthly rental rates range from $588 to $925. At the time of the sale, the property was 94% occupied. The $13,024,000 sales price represents $62 per square foot and $62,615 per unit. John Sebree and Eric Garrett, investment specialists in Marcus & Millichap's Indianapolis office, had the exclusive listing to market the property for the seller, an Indianapolis-based developer. The brokerage team exposed the asset to each of the more than 600 brokers in the firm's national system and generated a competitive bidding environment with offers generated by three Marcus & Millichap offices.