Large Multifamily Asset in Indianapolis Draws Multiple Offers
- Mar 11, 2016
Indianapolis–A new owner has emerged for Oakbrook Village, a well-maintained, 384-unit apartment community in Indianapolis that has been owned and operated by the original developer for more than 40 years.
CBRE Group has completed the sale of the property, acting on behalf of the seller, a Midwest-based real estate holding company.
CBRE Capital Markets’ Central Midwest Multifamily team in Indianapolis procured a total of 13 offers from throughout the East, Midwest and West.
Indianapolis-based Ardizzone Holding Co. purchased Oakbrook Village as part of a 1031 exchange, with plans to spend nearly $1.7 million to upgrade the community. The transaction marks the company’s seventh acquisition in Indianapolis.
Oakbrook Village is located near the city’s logistics submarket and several other employment centers. The property was built in 1973 and features strong economies of scale, a full amenity package and value-add potential.
“The community has been kept in great condition and the employees there are truly top-notch,” Tony Ardizzone, CEO of Ardizzone Holding Co., said in prepared remarks. “This acquisition continues our strategy of growth and expansion, while doing so in a controlled manner. We couldn’t be more pleased with the acquisition of Oakbrook Village!”
Eight of the 13 offers were from capital sources trying to establish a presence in the Indianapolis market,” added Steve LaMotte, senior vice president and member of CBRE Capital Markets’ Central Midwest Multifamily team. “This reflects the market’s continued enthusiasm for Indianapolis.”
The sales price for the property was not disclosed. At the time of sale, the property was 93 percent occupied.
CBRE’s Multifamily team in the Central Midwest has a total team volume of more than $3.7 billion. The team includes nine professionals based in the company’s Indianapolis and Cincinnati offices and covers: all of Indiana; Louisville and Lexington, Ky.; the southern Michigan markets; and Cincinnati, Dayton and Toledo, Ohio. The team has more than 75 years of combined multifamily brokerage experience.
Image courtesy of CBRE Group