Bonaventure Realty Group acquires 274-unit Indianapolis-area apartment complex

Bonaventure Realty Group acquired the 274-unit Echo Park at Perry Crossing apartments in Plainfield, Indiana, from Sila Capital in an entity buy.

The price has not been disclosed.

Completed in 2018, the garden-style development comprises three-story masonry buildings situated on 22.85 acres with 591 parking spaces. The unit mix includes 98 units with one bedroom and one bathroom; 154 units with two bedrooms and two bathrooms; and 22 units with three bedrooms and two bathrooms. They range from 752 to 1,264 square feet.

The property was approximately 8% vacant at the time of the transaction, with 22 of 274 units unoccupied. Local multifamily company Birge & Held is handling property management.

Sila Capital is an Indianapolis-based, privately held real estate investment and asset management firm that pursues value-add and opportunistic multifamily, office and mixed-use acquisitions throughout the Midwest.

Bonaventure Realty Group's portfolio spans 60 properties, with multifamily assets representing 85% of its total holdings across approximately 12.9 million square feet. The buyer has completed seven multifamily acquisitions totaling $322.2 million over the past 24 months.

Michael Koshet, Alex Krasnovskyy and Diego Hess of KW Commercial represented the buyer.

Hannah Ott, George Tikijian, Cameron Benz and Claire Hassfurther of CBRE represented the seller.