COLUMBUS, Ohio, Nov. 15, 2023 /PRNewswire/ — CREC Real Estate, LLC (“CREC”), a private equity real estate investment firm, today announced that it has sold its stake in VER at Proscenium (“VER”). Located at the highly visible intersection of Rangeline Road and West Carmel Drive, VER consists of 196 luxury multifamily residences spread over four buildings at the mixed-use Proscenium development in the center of Carmel, Indiana, a premier Indianapolis submarket. Financial terms of the transaction were not disclosed.
“We acquired our stake in VER in 2019, prior to the construction of the multifamily units. The mixed-use retail construction had already begun,” said Aaron Dixon, President at CREC. “With three Carmel-area properties in our multifamily portfolio at the time, we were very familiar with the Carmel market, and were drawn to the strong rent growth and apartment fundamentals that we believe complement our value-add investment model. VER was completed in 2021 and each of its four multifamily buildings are highly amenitized, making it a truly one-of-a-kind project in Carmel – and it has quickly become a very desirable property with high occupancy.”
Carmel is known as one of Indiana’s most affluent submarkets and has attracted over a half-billion dollars in private investments within a two-mile radius, creating a highly upscale City Center that has led to Carmel’s recognition for safety, walkability and overall quality of life. Both VER and the broader Proscenium complex are situated in the heart of Carmel’s redevelopment and amenity zone, which is highly walkable and filled with a high concentration of corporate headquarters, as well as shopping, restaurants and entertainment. Additionally, the building is situated with direct access to the Monon Trail, a paved bicycle, running and walking path that extends from Chicago to Indianapolis. Within the VER property itself are commercial tenants including Wahlburgers, 101 Beer Kitchen and a high-end salon.
VER’s four adjoining multifamily buildings vary in style from urban modern to industrial and art deco, and include studio, one- and two-bedroom floorplans, completed with condo-grade contemporary finishes. Additionally, the property includes a wide selection of community amenities such as a state-of-the-art fitness center, an outdoor resort-style pool, a multi-sport virtual simulator, putting green, club area with a 24/7 beer tap and more.
CREC Real Estate, LLC (CREC) is a private equity real estate investment firm. Based in Columbus, Ohio, the firm sponsors real estate investments through its private fund and private placement offerings and has more than $1 billion of real estate assets under management. Employing a value-add strategy, the firm specializes in multifamily investment in secondary cities throughout the United States. Since CREC’s inception in 2001, it has closed on 60 investments across 19 states. For additional information please visit www.crecrealestate.com.
SOURCE CREC Real Estate, LLC