Summit Equity Investments Nabs First Indianapolis Property

Tikijian Associates represented Westdale Real Estate Investment & Management in selling 314-unit Island Club Apartments to an affiliate of Summit Equity Investments Inc.
The Island Club Apartments in Indianapolis

The Island Club Apartments in Indianapolis

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