3.18.2016

PRESS RELEASE: Tikijian Associates Brokers Sale Two Apartment Communities - 420 Units in Elkhart, Indiana



Summary:
Properties: Carriage House Apartments (230 Units) and Williamsburg on the Lake Apartments (190 Units)
Location: Elkhart, Indiana
Seller: Partnerships Sponsored by The Gene B. Glick Company
Buyer: Brooklyn, NY Investor
Date Closed: February 24, 2016

Tikijian Associates Brokers Sale Two Apartment Communities - 420 Units in Elkhart, Indiana


Tikijian Associates is pleased to announce the sale of two apartment communities totaling 420 units in Elkhart, Indiana. The properties are:
 Carriage House Apartments, a 230-unit community built in 1970; and
 Williamsburg on the Lake, a 190-unit community built in 1974

More than half of the units at Carriage House are subsidized through a HUD project-based Housing Assistance Payments (HAP) contract, while almost all of the units at Williamsburg on the Lake are leased as market-rate units.

Tikijian Associates represented the sellers, which were partnerships affiliated with The Gene B. Glick Company. Glick built both properties and has managed them since their construction. Founded in 1947 by Eugene Glick as a home building company, Glick is now one of the largest privately owned real estate companies in America, with more than 20,000 apartment units in eleven states.

The Gene B. Glick Company has a reputation for exceptional management and maintenance and the properties were in excellent physical condition and were highly occupied at the time of their sale.

The buyer is Brooklyn-based private investor which owns commercial properties in New York and New Jersey and has acquired several thousand apartment units in locations ranging from Florida to North Dakota over the last five years. The acquisitions were the buyer’s first in Indiana. Indianapolis-based Flaherty & Collins will manage the properties for the buyer.

Elkhart is a thriving city in northern Indiana situated just fifteen minutes east of South Bend. The area is known as the RV capital of the world. More than 60% of all recreational vehicles built in America are built in Elkhart County.

The properties were offered with separate prices and the combined sale price exceeding the offering prices. The sales closed on February 24, 2016.

For additional information:
Tikijian Associates
3755 E. 82nd St., Suite 265
Indianapolis, IN  46240
Phone:  317-578-0088
Fax:      317-570-3677

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