Berkadia Completes $11M Sale of Indianapolis Community
- Jul 20, 2016
David Gaines and Alex Blagojevich, senior directors, along with Chris Bruzas, associate director, of the firm’s Chicago office, completed the $11.3 million sale, reflecting a $28,826 price-per-unit. The transaction closed on July 8.
The seller was an investment fund based in Greenwich, Conn. The buyer was an entity of Sundance Bay, based in Orem, Utah.
“Out-of-state investors are gravitating toward the Indianapolis metro area, including many exchange buyers who are drawn by the high-yield investment opportunities in the area,” Bruzas said in a prepared statement. “We’ve seen strong demand from investors for apartment properties, likely caused by a recent surge in value-add deals like Willowbrook Apartments.”
Built in 1972, the community offers a mix of one-, two- and three-bedroom floor plans with air conditioning, ceiling fans, renovated kitchens, spacious closets, separate dining rooms and patios or balconies. The community features a swimming pool, laundry facilities in each building, carports and 24-hour emergency maintenance.
Located at 4803 Round Lake Road, Willowbrook Lake affords convenient access to Interstates 65 and 70 and is hin close proximity to Indianapolis International Airport. Top employers in the area include St. Vincent Health, IU Health, Eli Lily and Co., and Community Health.
Earlier in June, Berkadia also facilitated the sale of Parkway Apartments and Townhomes, a 446-unit community in West Lafayette.
Image courtesy of Berkadia Real Estate Advisors