Highland Row development for sale
The mixed-use development in the University District called Highland Row — so new it’s still being built — is among 13 properties around the nation that owner Milhaus is offering for sale.
The development of 354 apartments, 32,000 square feet of retail and a 511space parking structure is among apartment and multiuse properties that the Indianapolis-based developer has put on the market, according to a release by commercial real estate broker CBRE Group.
The properties for sale are in five other markets besides Memphis: Indianapolis, Louisville, Cincinnati, Oklahoma City and Milwaukee. All 13 sites are new or recent construction; the oldest was finished four years ago. Some, like Highland Row, are nearing completion.
The 7-year-old Milhaus focuses on Class A, urban, multifamily residential buildings.
Milhaus chief executive Tadd Miller said in a prepared statement, “We are excited for Milhaus and for investors as we bring this portfolio to market. Our company has built some of the highest quality assets in the best locations in each of our cities, and we will use the proceeds from this transaction to further Milhaus’ growth and our ability to make positive change in the communities in which we live and work.”
Milhaus has spent $53 million to build Highland Row at the corner of South Highland and Midland. The first apartment residents started moving in last summer.
Earlier this month, Milhaus filed an application requesting approval to add 22 to 24 single-family houses along Ellsworth and behind its three buildings that house the apartments and three restaurants as well as a parking structure for 511 vehicles.