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
Web
Site: www.TAmultihousing.com
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