Tikijian Associates Arranges $122M Indianapolis Portfolio Sale
The seller acquired Westlake, Woods Edge, Wind Drift, Villa Nova and Riverwood back in 2009 in a portfolio sale. The buyer plans to renovate and rename the properties.
Tikijian Associates has secured the sale of a five-property portfolio totaling 1,983 units in Indianapolis. The company worked on behalf of the seller, Hampshire Properties. The Wilkinson Corp. acquired the properties for $121.5 million, according to Indianapolis Business Journal. The communities include Westlake (1,381 units), Woods Edge (190 units), Wind Drift (166 units), Villa Nova (126 units) and Riverwood (120 units).
Westlake sits on approximately 98 acres at 6000 Westlake Drive, east of Interstate 465. The 93 two-story buildings feature a mix of studios, one-, two- and three-bedroom units ranging from 441 to 1,200 square feet. Woods Edge consists of 16 two- and three-story buildings located at 6401 Woods Edge North Drive. The community includes one-, two- and three-bedroom units averaging 875 square feet. Located at 8760 Lemode Court, Villa Nova covers approximately 10.5 acres. The 10 two-story building property features one- and two-bedroom units ranging from 792 to 968 square feet. Wind Drift, a 13 two- and three-story building community is a nearly 15-acre community at 3833 Wind Drift Drive. The property features one-, two- and three-bedroom units ranging from 671 to 1,341 square feet. Located at 5830 Riverwood Drive, Riverwood is roughly 14 acres. The 18-building community features a mix of two- and three-bedroom units averaging 1,106 square feet.
All the properties offer common-area amenities such as:
- fitness center
- business center
- swimming pool
- waterscape
- laundry facilities
- tennis court
- volleyball court
- playground
- clubhouse
According to Yardi Matrix data, in 2009, Hampshire Properties bought the properties for $55 million. The buyer plans to rename the communities and implement $29 million in capital improvements, including upgrades to the unit interiors and common areas, as well as amenities enhancements. In another deal, Tikijian Associates arranged the $14.3 million sale of another Indianapolis community.
Images courtesy of Tikijian Associates
