Local Investor Buys 248-Unit Indy Community
Ardizzone Enterprises paid well over $12 million for the asset. U.S. Bank, the seller, had foreclosed on the property in 2016.
Ardizzone Enterprises has purchased the 248-unit Wyckford Commons in Indianapolis for $12.3 million from U.S. Bank, according to Yardi Matrix data. Merchants Bank of Indiana provided the new owner $9.8 million in acquisition financing. The seller took control of the asset in August 2016 following a foreclosure action, when the previous owner defaulted on an $8.1 million mortgage.
Located at 7777 Wyckford Court in Indianapolis’ Wayne West submarket, the community is a mile and a half from Interstate 465. The Chapel Hill Shopping Center is in the immediate area, with a public bus route providing direct access downtown, 8 miles away.
Constructed in 1974, Wyckford Commons contains a mix of one-, two- and three-bedroom units, with floorplans ranging between 700 and 1,576 square feet. Community amenities include a swimming pool, laundry facilities, fitness center, volleyball court and clubhouse. The property was 94.4 percent occupied as of October.
In June, a 753-unit asset changed hands on the northeastern side of the city, just 15 miles from Wyckford Commons.
Image courtesy of Yardi Matrix