PRESS RELEASE: Tikijian Associates Sells 121-Unit Stonebrook Apartments in Evansville, IN


Tikijian Associates Sells 121-Unit Stonebrook Apartments in Evansville, IN

Location: Evansville, Indiana

Seller: Renewing Management, Indianapolis, Indiana
Buyer: Delta Alliance, Irvine, California

Closing Date: June 23, 2016

Tikijian Associates is pleased to have arranged the sale of Stonebrook of Evansville, a 121-unit apartment community in Evansville, Indiana.

Tikijian Associates represented the seller, Renewing Management. The seller is a growing Indianapolis-based owner and manager specializing in creating value in multifamily properties through capital investment and attentive management. The seller acquired Stonebrook of Evansville, then known as Savannah Gardens, from its lender in 2012 following the lender’s foreclosure. The seller performed an extensive rehab and stabilized the community soon after its acquisition.

The buyer was Delta Alliance an Irvine, California apartment owner and manager. Founded in 2010, the company has grown rapidly and now owns approximately 2,300 units in three states. Delta Alliance also owns the 150-unit Arbors of Evansville Apartments located next to Stonebrook of Evansville and plans to rebrand the property as The Arbors of Evansville – South. The new owner’s affiliated management company, Investors’ Property Services, will be responsible for day-to-day management.

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

Fax: 317-570-3677

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

Web Site: www.TAmultihousing.com



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