DEAL OF THE DAY: CBRE Facilitates Sale of Multifamily Asset in Indianapolis
Oak Park Apartments, a 162-unit community located on the south side of Indianapolis, changes ownership.
By Adriana Pop, Associate Editor
Indianapolis—An East Coast-based private investment group is now the new owner of the Oak Park apartment community located on the south side of Indianapolis.
Oak Park Apartments in Indianapolis
CBRE Group has completed the sale of the 162-unit property. Financial terms of the transaction were not disclosed.
Acting on behalf of the seller, Pennsylvania-based Morgan Properties, the brokerage firm’s Central Midwest Multifamily team came up with a total of nine offers.
Oak Park is located just eight and a half miles from Indianapolis’ central business district and only a half mile from the thriving City of Greenwood, offering residents easy access to an abundance of employment, major interstates and a vast array of amenities.
The community features large apartments with an average size of 1,079 square feet in a park-like setting with mature landscaping.
The property’s buyer is now planning to renovate all 162 units with new appliances, countertops, cabinet doors, lighting and hardware. Additional upgrades are planned for the clubhouse and common areas, hallways, roofs and asphalt.
CBRE’s Central Midwest Multifamily team includes eight professionals based in the company’s Indianapolis, Indiana and Cincinnati, Ohio offices. With more than 75 years of combined multifamily brokerage experience, they focus solely to the disposition of multifamily assets in the Central Midwest.
Established in 1985 by Mitchell L. Morgan, Morgan Properties is one of the nation’s largest and fastest growing apartment owners and operators. The company is headquartered in King of Prussia, Pa. Morgan Properties currently owns and manages 117 apartment communities with more than 31,000 units located in 10 states throughout the country, primarily in the Mid-Atlantic and the Northeast region.
Image via Yardi Matrix
