Barrett & Stokely Sells Cumberland Pointe Apartments in Hamilton County
- Apr 25, 2016
Indianapolis–Tikijian Associates has announced the sale of Cumberland Pointe Apartments, a 336-unit Class A apartment community in Noblesville, Hamilton County, which ranks as the wealthiest and fastest growing county in Indiana. Terms of the transaction, which closed in March, were not disclosed.
Tikijian Associates represented the seller, Barrett & Stokely Inc., one of Indianapolis’ largest and most respected apartment owners and managers. The company, which was founded in 1976, purchased Cumberland Pointe as a 208-unit community in 2010, two years after its completion. Later in 2014, Barrett and Stokely expanded the property by an additional 128 units.
For the buyer, a Denver-based private real estate investor, the acquisition of Cumberland Pointe marks the firm’s first multifamily investment in Indiana.
Carter-Haston of Nashville, Tenn., is managing the property for its new owner. Amenities include a swimming pool, 24-hour fitness center, private media center, business center and movie theater. Apartments feature fully equipped kitchens, walk-in closets, as well as washers and dryers.
Cumberland Pointe was marketed without an asking price and attracted significant interest from local, regional and national investors.
Image courtesy of Tikijian Associates