Summit Equity Investments Nabs First Indianapolis Property
- May 08, 2017
Tikijian Associates recently worked on behalf of the seller in trading Island Club Apartments, a 314-unit community on the northwest side of Indianapolis. Dallas-based Westdale Real Estate Investment & Management sold the property to Los Angeles-based Summit Equity Investments Inc. Yardi Matrix estimates the sale at $23.1 million.
Located at 7938 Island Club Drive, the property sits on a 23-acre lake, approximately 6 miles from the junction between Interstates 74 and 465. Built in 1990, Island Club Apartments features 130 one- and 174 two-bedroom units, ranging from 600 square feet to 1,055 square feet. Amenities include a fitness center, clubhouse, tennis court, swimming pool and 600 parking spaces. The property comprises 19 two- and three-story buildings.
One year ago, Tikijian Associates also arranged the sale of Beechmill Apartments, a 256-unit multifamily community on the far south side of Indianapolis.
Image courtesy of Tikijian Associates