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.