CS Acquisition Group Sells 272-Unit IN Community

1 min read

The Lakewood, N.J.,-based company sold a 16-building multifamily asset in Beech Grove to a private investor. The property was 95 percent occupied at the time of sale.

Beech Meadow. Image courtesy of Yardi Matrix
Beech Meadow. Image courtesy of Yardi Matrix

A private investor acquired Beech Meadow, a 272-unit community in Beech Grove, Ind., according to Yardi Matrix data. CS Acquisition Group, a Lakewood, N.J.,-based company that owned the asset since 2007, sold it for $16 million, or $58,787 per unit. The new owner selected Beztar Properties to manage the 16-building property, which was roughly 95 percent occupied at the time of sale.

Beech Meadow, located at 147 Diplomat Court, encompasses one- to three-bedroom units averaging 933 square feet. Common-area amenities include a fitness center, a playground, a swimming pool, multiple laundry facilities and more than 400 parking spaces.

The Class B community, completed in 1969, is situated next to Beech Grove High School, Hornet Park Elementary School and Beech Grove Senior High School. Beech Meadow is less than 2 miles from interstates 74 and 465, providing convenient access to a variety of retail venues and restaurants, including Emerson Shoppes and Southern Plaza Shopping Center. Downtown Indianapolis is almost 9 miles away.

The deal comes a few months after Emma Capital Investments purchased two multifamily properties totaling 484 units in Indianapolis, roughly 20 miles from Beech Meadow.

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.