DEAL OF THE DAY: Tikijian Represents Seller Who Purchased Mortgage Note and Negotiated Deed in Lieu
Indianapolis--Tikijian Associates participated in the sale of Presidential Estates Apartments, a 255-unit community located on Indianapolis' far north side. Presidential Estates was listed for $6,750,000, and the sale closed in Ocotber.
Indianapolis–Tikijian Associates participated in the sale of Presidential Estates Apartments, a 255-unit community located on Indianapolis’ far north side. Presidential Estates was listed for $6,750,000, and the sale closed in Ocotber.
Tikijian Associates represented the owner, Greystone Bank in the transaction. North Carolina-based Greystone Bank acquired title to Presidential Estates by purchasing the mortgage note and subsequently negotiating a deed-in-lieu of foreclosure from the borrower. Greystone Property Management, a company affiliated with the seller, managed the property for nine months to improve operations prior to the bank’s decision to sell.
Tikijian Associates procured 15 offers to purchase Presidential Estates, and EMK Property Investors of Greenwood, Ind. was selected as the buyer. EMK invests in value-add multifamily communities in Indiana, Ohio and Kentucky, along with other emerging markets throughout the U.S. The acquisition of Presidential Estates brings EMK’s partners’ holdings to nearly 1,200 units.
EMK has engaged Indianapolis-based Barrett & Stokely to oversee management of the property. Through strategic capital improvements, EMK is working to further improve operations at the property. The significant exterior and interior capital improvements include: improved landscaping, new exterior color scheme, new windows, roof repairs, deck and stair repairs, clubhouse renovations, common hallway improvements, unit kitchen improvements, new appliances, as well as an overall repositioning of the property.