Rosewood Realty Group closes $22.2 million sale of Indiana six-building development

New Albany, IN Rosewood Realty Group, a New York based investment sales firm announced the sale of a garden-style six building multifamily development in Indiana for $22.2 million dollars.

This deal was for the Stonecrest Apartments, located at 4719 Grant Line Rd., New Albany, IN, a city in Floyd County, Indiana situated along the Ohio River opposite Louisville, Kentucky.

The six, newly constructed, garden-style buildings total 144 units. The units are all two bedrooms and total 140,544 s/f.  The first building was completed in 2017 and the sixth building, in 2021. The going-in cap rate was above five percent. 

Aaron Jungreis and David Wildes from Rosewood represented both the undisclosed buyer from the (NYC) tri-state area who owns a few thousand units across the country and the seller, a local developer/builder.

"The buyer has plans to invest and upgrade the property with the construction of a new pool and clubhouse," said Wildes. "New Albany is located just a few miles from Louisville and has seen steady population growth over the last 10 years, so this represents a solid purchase for the buyer."