By Timea Matyas
Tikijian Associates has brokered the sale of The Cottages of Fall Creek, a 753-unit apartment community in Northeast Indianapolis. The brokerage firm worked on behalf of the seller, Shamrock Communities, who acquired the property earlier this year for an undisclosed amount. According to Yardi Matrix data, Shamrock’s acquisition was subject to a $42.5 million loan held by U.S. Bank. Pepper Pike Capital Partners, a real estate investment, redevelopment and management company based in Cleveland, purchased the asset for an undisclosed sum.
Located at 6802 E. 56th Street, The Cottages of Fall Creek is within a 25-minute drive from downtown Indianapolis. The property encompasses 90 buildings completed in two phases, in 1970 and 1972. The one-, two- and three-bedroom units range in size from 644 to 1,730 square feet. Common-area amenities include:
- fitness center
- two swimming pools
- tennis and volleyball court
- four laundry facilities
The new ownership is planning a significant capital investment in Cottages of Fall Creek, including upgrades to all unit interiors and common areas, as well as enhancement of community amenities. The community was 81.1 percent occupied at the time of the sale.
Shamrock Communities has recently sold a 540-unit community in Louisville, Ky., receiving $42.5 million for the 23-building property.
Image courtesy of Yardi Matrix