Covenant Buys $30M Indianapolis Community
- Aug 02, 2017
Covenant Capital Group LLC, a value-add investment manager with an exclusive focus on the acquisition and renovation of apartment communities, has purchased Columns of Castleton, a 398-unit building in Indianapolis for $30.3 million, or $76,005 per unit.
Located at 7615 Ivywood Drive, close to interstates 465, 69 and 70, the property consists of 41 two-story buildings featuring one-, two- and three-bedroom units, which range in size from 824 to 1,143 square feet. Columns of Castleton is situated in the employment-rich northeast side of Indianapolis, close to the Ivy Hills and Allisonville neighborhoods. Belzer Middle School and Crestview Elementary School of Communication are also nearby.
High occupancy rate
The community features amenities such as a fitness center, clubhouse, swimming pool, tennis court and playground. Additionally, six laundry facilities and a total of 597 parking spaces are available onsite. According to data provider Yardi Matrix, Columns of Castleton had a 99.5 percent occupancy rate as of June.
The company plans to renovate the property by investing more than $4.7 million. The firm will also make improvements to the unit interiors, upgrade amenities and launch green program, which will include the installation of energy-efficient appliances, as well as low-flow kitchen and bathroom fixtures.
“We’re pleased to invest again in the Indianapolis market with the acquisition of the Columns of Castleton,” Govan White, managing partner & co-founder of Covenant Capital Group, said in a statement. “We believe this property has a strategically valuable location that’s well positioned for the City’s continued growth. We’re proud to invest significantly in it to ensure it continues as a vibrant apartment destination in the community for decades to come.”
Image courtesy of Yardi Matrix