7.28.2016

PRESS RELEASE: Tikijian Associates Sells 82-unit Arlington Terrace Apartments in Indianapolis

Tikijian Associates Sells 82-unit Arlington Terrace Apartments in Indianapolis

 
Location: Indianapolis, Indiana

Seller: Rubek Properties, Indianapolis, Indiana
Buyer: Private Investor, Manhattan Beach, California

Closing Date: May 27, 2016

Tikijian Associates is pleased to have arranged the sale of Arlington Terrace, an 82-unit apartment community on the east side of Indianapolis.

Tikijian Associates represented the seller, an individual investor and former executive with a major Boston-based apartment owner. The seller purchased the property in 2002 and has managed it since the acquisition. Built in 1963, Arlington Terrace was exceptionally well maintained by the seller and had enjoyed occupancy at or near 100% for several years.

Arlington Terrace is poised to benefit from two new major hospital projects being built on the Community Hospital East Campus, just a few blocks to the west of the property. When complete, these projects are estimated to bring more than 1,000 new jobs to the area.

The buyer is a private investor living in Manhattan Beach, California. The acquisition of Arlington Terrace completed a 1031 exchange for the buyer and was his first acquisition in Indiana. Indianapolis-based Mark III Management will manage the property for its new owner.

For additional information:
Tikijian Associates
3755 E. 82nd St., Suite 265
Indianapolis, IN  46240

Phone: 317-578-0088
Fax: 317-570-3677

Contact: George Tikijian (gtikijian@TAmultihousing.com), or Hannah Ott (ott@tamultihousing.com)

Web Site: www.TAmultihousing.com

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