FOR IMMEDIATE RELEASE
Tikijian Associates Sells
404-Unit Apartment Community in Indianapolis
Location: Indianapolis, IN
Seller: Ardizzone Holding Company
Buyer: Monarch Investment & Management
Closing Date: October 19, 2016
Tikijian
Associates is pleased to have arranged the sale of Brookwood Apartments on the south
side of Indianapolis. The sale of the 404-unit apartment community closed on October
19, 2016.
Tikijian
Associates represented the seller, Ardizzone Holding Company, an Indianapolis
based owner and manager of multifamily properties. Ardizzone Holding Company acquired
Brookwood in 2008 from AIMCO as part of a five property portfolio. Over its
ownership period, the seller completed significant property improvements and
unit upgrades. As result of these improvements and the seller’s excellent
management, the property achieved a history of high occupancy and strong
financial performance.
The
buyer and new owner of Brookwood is Monarch Investment & Management. Based
in Franktown, Colorado, Monarch now manages more than 35,000 units in twenty
states as well as a nationally franchised hotel and a Colorado ski area. The
acquisition of Brookwood marks the company’s second acquisition in the Greater Indianapolis
area.
Tikijian
Associates is a market-leading boutique brokerage firm specializing exclusively
in multifamily sales throughout Indiana. The sale of Brookwood was the
nineteenth completed transaction in 2016 for Tikijian Associates, representing
over 4,000 units and more than $223,000,000 in value.
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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