TODAY’S DEALS: AIMCO Sells 360-Unit Rental Community to Gene. B. Glick Co., and Other Transactions

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By Anuradha Kher, Online News EditorIndianapolis–Tikijian Associates has arranged the sale of Somerset Lakes Apartments, a 360-unit waterfront community in Indianapolis. Tikijian Associates represented the seller, Apartment Investment Management Company (AIMCO), in this transaction with Indianapolis-based Gene B. Glick Company. The property was offered un-priced. Somerset Lakes is a picturesque community tucked just south of Keystone […]

By Anuradha Kher, Online News EditorIndianapolis–Tikijian Associates has arranged the sale of Somerset Lakes Apartments, a 360-unit waterfront community in Indianapolis. Tikijian Associates represented the seller, Apartment Investment Management Company (AIMCO), in this transaction with Indianapolis-based Gene B. Glick Company. The property was offered un-priced. Somerset Lakes is a picturesque community tucked just south of Keystone Crossing, between Keystone Avenue and Dean Road on the city’s north side. The property has a resort-like setting, offering a full amenity package, mature landscaping and a view of the 80-acre spring-fed lake from every unit. Also, Somerset’s units are among the largest in the city with an average size of 1,400 square feet. All new roofs, gutters and downspouts were installed in 2006, and all siding was replaced with HardiePlank in 2006 and 2008, helping keep the property’s appearance current.NorthMarq Arranges Interest-Only First Mortgage at 80% LTV Santa Clarita, Calif.–NorthMarq Capital has arranged an $18.08 million first mortgage for Meadowridge Apartments, a 176-unit multifamily complex located in Santa Clarita, Calif. Financing was based on a 10-year term with two-year interest-only payments followed by a 30-year amortization schedule, and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The loan to value was 80%.

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