Seller: Family of the Original Developer
Buyer: Renewing Management, Indianapolis, Indiana
Closing Date: May 24, 2016
Tikijian Associates is pleased to have represented the seller in the sale of Eastway Court Apartments, a 286-unit community in Greenfield, Indiana. Greenfield is a suburban community just east of Indianapolis. Because of its strategic location near Indianapolis and interstate highways, Greenfield is a growing community and home to a number of large employers.
The property was built in multiple phases between 1959 and 1994 had been owned and managed by the family of the original developer since its construction. Eastway Court consists of 41 residential buildings, an office, laundry facility and several storage barns situated on almost 50 acres.
The buyer was Renewing Management, an Indianapolis-based owner and manager with a focus on the acquisition, rehabilitation and stabilization of multifamily properties. Renewing Management is planning significant capital improvements at the property, including construction of a new clubhouse/community building. The new owner will supervise construction and operate the community through its affiliated management company.
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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