By Adriana Pop
Senior Director David Gaines, Senior Director Alex Blagojevich and Associate Director Chris Bruzas of the firm’s Chicago office completed the approximately $10.9 million sale, reflecting a $24,327 per-unit price. The transaction closed on May 9.
The seller was an affiliate of FM Capital from New York. The buyer, Abbott Properties from Kansas City, Mo., was drawn to the property’s strong value-add potential and plans to renovate both the interior and exterior, and streamline operations.
“We continue to see high demand from investors across the country for similar value-add properties, where their construction and management teams can go in and efficiently operate the properties,” Gaines said in prepared remarks.
“Abbott Properties recognized a great opportunity to upgrade its portfolio,” added Bruzas. “In this instance, the Parkway Apartments and Townhomes is their second large property in central Indiana, and they now own and manage over 1,000 units in the area.”
Located at 2601 Soldiers Home Road, Parkway Apartments and Townhomes was built in 1965 and offers a mix of studio, one-, two- and three-bedroom floor plans. Community residents have access to amenities such as a pool, fitness center and computer lab. The property is situated within convenient access to Interstate 65 and U.S. Route 52 and just three miles from Purdue University and seven miles from the Tippecanoe Mall. Top employers in the area include Purdue University, Wabash National Corp., Evonik Industries and TRW Automotive.
Image courtesy of Parkway Apartments and Townhomes