Tikijian Secures $37M Indianapolis Community
The company represented The RADCO Cos. in the sale of 455-unit Indianapolis asset. The new company changed its name to Ashford at Keystone and plans to renovate unit interiors.
By Adina Marcut
Tikijian Associates arranged the sale of Ashford at Keystone, a 455-unit community on the north side of Indianapolis. The company worked on behalf of the seller, The RADCO Cos., an Atlanta-based firm which owns more than 50 communities in nine states. RADCO Cos. purchased the property from the Lehman Brothers bankruptcy estate in 2013 for $16.5 million. According to data provider Yardi Matrix, Summit Equity Investments Inc. bought the asset for $36.6 million, or $80,029 per unit, marking its second acquisition in Indianapolis. Greystar will manage the property on behalf of the new owner.
New name and new improvements
The buyer has renamed the property from Summit at Keystone to Ashford at Keystone and plans to make some improvements to unit interiors. The 53 two-story buildings feature one-, two- and three-bedroom units ranging in size from 700 to 1,056 square feet. Common area amenities include:
- Fitness center
- Business center
- Tennis court
- 84 laundry facilities
- Barbecue grill
- Swimming pool
Located at 6630 Glenbrook Drive, Ashford at Keystone is in close proximity to a mix of shopping, dining and entertainment venues. Broad Ripple Village and Monon Trail are within walking distance. The community was 94.9 percent occupied as of June and offers an average rental rate of $850 as of May.
Image courtesy of Yardi Matrix