Colorado Investor Expands in Indianapolis
- Nov 14, 2016
By Adriana Pop
Indianapolis—Tikijian Associates has arranged the sale of Brookwood Apartments, a 404-unit community on the suburban south side of Indianapolis. This area of the city is a strong rental market, with an average occupancy of about 94 percent in 2015.
The firm represented the seller, Ardizzone Holding Co., an Indianapolis-based owner and manager of multifamily properties. The buyer and new owner of Brookwood is Monarch Investment & Management. While the purchase price remained undisclosed, the property was marketed for an asking price of $24 million. Based in Franktown, Colo., Monarch now manages more than 35,000 units in 20 states as well as a nationally franchised hotel and a Colorado ski area. The purchase of Brookwood marks the company’s second acquisition in the Greater Indianapolis area.
Ardizzone acquired Brookwood Apartments in 2008 from Denver-based Apartment Investment & Management Co., or AIMCO, as part of a five-property portfolio. Over its ownership period, Ardizzone completed significant property improvements and unit upgrades. As result of the renovation and management, the property achieved a history of high occupancy and strong financial performance.
Brookwood Apartments is situated near Greenwood Park Mall, the University of Indianapolis, IUPUI, the Indianapolis International Airport and the downtown area. The 25.6-acre community was built in 1967 and consists of 14 three-story residential buildings with pitched roofs, 13 two-story residential buildings with mansard roofs, a clubhouse and a maintenance building. Amenities include a fitness center, swimming pool, business center, covered parking, laundry facilities, on-site management, picnic area with a grill and a playground. Residents here may choose from a mix of one-, two- and three-bedroom apartments. The wide variety of unit types comprise 104 one-bedroom flats in five floor plans; 249 two-bedroom flats in six floor plans; and 51 three-bedroom flats in four floor plans. Unit features vary by floor plan but include private patios or balconies, vaulted or 9-foot ceilings, all-electric kitchens with breakfast bar and pantry and built-in entertainment centers.
Tikijian Associates specializes exclusively in multifamily sales throughout Indiana. The sale of Brookwood marks the 19th completed transaction in 2016 for the boutique brokerage firm, representing more than 4,000 units and approximately $223 million in value.
Earlier this summer, Tikijian Associates announced the sale of Barrington Estates Apartments, a 144-unit community on the north side of Indianapolis. In spring, Ardizzone acquired Oakbrook Village, a 384-unit community located near the city’s logistics submarket.
Image courtesy of Tikijian Associates