Villages at Mill Crossing

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale Villages at Mill Crossing, a 384-unit LIHTC / HOME property in Indianapolis, IN. The Property consists of 384 units within four phases (“New Parkwoods, I-IV”, 254 units) that were developed under Section 42 of the Internal Revenue Code (LIHTC) and one, fully-market-rate phase (“Sherman Forest”, 130 Units). While Sherman Forest was built in 1961, the 254 units comprising New Parkwoods I-IV benefit from their status as a newer vintage development, being built from 2006 to 2007. Villages at Mill Crossing is offered on an "as-is" basis and as an all-cash transaction so as to effectuate a timely closing; specifically, HOME loans will be transferable at closing and, pending City approval, forgiven at the date of maturity. The remaining soft debt & grants will be forgiven at sale with the execution of the City of Indianapolis Affordability Covenant. Given the in-place operations and deferred capital expenditures at the Property, Villages at Mill Crossing is a significant value-add opportunity requiring a considerably low-cost basis.