Tikijian Closes 304-Unit Indianapolis Community
SL Systems LLC purchased the asset and plans to renovate the exterior and upgrade the unit interiors. The community was 95.7 percent occupied as of September.
By Adina Marcut
Tikijian Associates brokered the sale of Springhill Apartments, a 304-unit Indianapolis community, on behalf of the seller, Zidan Management Group. Also based in Indianapolis, Zidan owns and manages approximately 5,000 units located in Indiana, Michigan and Chicago.
SL Systems LLC purchased the asset, marking its first acquisition in Indiana, and plans to make capital improvements to the building exteriors and upgrade the unit interiors. PMR Cos. will manage the community on behalf of SL Systems.
The 18 two-story buildings have one- and two-bedroom units ranging from 632-952 square feet. Built in 1973, and renovated in 2006, the pet-friendly community has the following common area amenities:
- fitness center
- on-site laundry facilities
- swimming pool
- 600 parking spaces
Located at 6495 Piping Rock Lane, on the west side of Indianapolis, Springhill offers convenient access to interstates 465 and 65, to downtown and to various shopping, restaurants and entertainment venues. Additionally, Indianapolis International Airport is 15 miles away. According to data provider Yardi Matrix, Springhill was 95.7 percent occupied as of September.
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Image courtesy of Tikijian Associates