OFFPLAN NEWS

(10.08.2007 )
Gibraltar real estate Gibraltar Puts $170M Multi-Family Portfolio on the Block

Gibraltarian Properties Inc. is putting its nine-property multifamily portfolio in Indiana and Nebraska up for sale at an asking price of about $170 million. The portfolio has a total of 2,412 units, and is composed of relatively new buildings, with all of them completed between 1997 and 2007.

"We've gotten a lot of pre-market interest in these properties, partly because there aren't a lot of large Midwestern apartment portfolios on the market right now," Sean Fogart, a principal at the Chicago office of Holliday Fenoglio Fowler L.P. told CPN this afternoon. Gibraltar selected the Indianapolis and Chicago office Holliday Fenoglio Fowler to take the Indiana and Nebraska portfolio to market. "The seller is taking advantage of recent rental increases in these markets, and the fact that a lot of concessions have burned off," Fogart added.

The properties will probably be sold as a portfolio and are being offered either for cash or subject to the assumption of current financing. They may, however, be split up and sold by geographic region, the company said.

Most of the properties -- five with 992 units -- are in greater Indianapolis, with the balance split between Ft. Wayne, Ind., and Bellevue, Neb., a suburb of Omaha. Most of the properties offer between one- and three-bedroom apartments, and occupancies portfolio-wide are about 90 percent.

Founded in 1995, Gibraltar Properties Inc. is an Indianapolis-based real estate company that concentrates on the development and management of multifamily properties and office buildings. Besides the company's apartment portfolio -- all of which it will sell -- its holdings include over 660,000 square feet of office properties, two condominium properties with 333 units and a United Artist Theatre.

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