12.05.2013

SOLD - Bluestone Apartements - Greenfield, IN


Tikijian Associates announces the sale of Bluestone Apartments, a 208-unit luxury apartment community located in Greenfield, Indiana, just east of Indianapolis. Because of its quiet country setting but strategic location near Indianapolis, Greenfield has attracted a number of major employers and is in the center of one of Indiana’s most rapidly growing counties. The community offers large floor plans, upscale interiors, attached and detached garages and a full community amenity package. The property is situated on an attractively landscaped site just a few blocks from Greenfield’s charming downtown square. Completed in 2009, Bluestone is the newest and most upscale apartment community in the Greenfield market.  

Tikijian Associates represented the property’s developer, Indianapolis-based Paragus, in the sale. Since its founding in 1988 by several well-respected veterans of apartment development and commercial construction, Paragus has developed, built and/or managed over twenty apartment communities in Indiana, and has won numerous awards for its multifamily properties. Due to Paragus’ development and management skill, Bluestone was one of only a few apartment communities built in the Indianapolis area during the Great Recession.

The buyer was Lauth Communities, an affiliate of Lauth Group, Inc. Lauth is one of the largest commercial real estate developers in Indianapolis, and currently owns or manages more than two million square feet of retail and office space in central Indiana. The acquisition marked Lauth’s return to multi-family ownership following a nearly twenty year absence as the company focused on commercial development.

The property was offered without an asking price and attracted significant interest from local and national investors.

The sale closed on November 26.

Tikijian Associates is completing another very successful year of multifamily brokerage. The Bluestone transaction was the firm’s seventeenth sale in 2013, totaling more 4,100 units.

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