9.06.2017

PRESS RELEASE: Tikijian Associates Brokers 1,261-Unit Lake Castleton Apartments - Largest Apartment Sale in Indianapolis History

FOR IMMEDIATE RELEASE

Tikijian Associates Brokers 1,261-Unit Lake Castleton Apartments - Largest Apartment Sale in Indianapolis History
Location: Indianapolis, IN

Seller: Affiliate of Mt. Auburn Capital
Buyer: Affiliate of Sterling Group
Tikijian Associates is pleased to announce the sale of Lake Castleton, a 1,261-unit apartment community located on Indianapolis’ popular north side. From the perspective of total sale price, the transaction represented the largest apartment sale in Indianapolis history.  

Tikijian Associates represented the seller, an affiliate of Mt. Auburn Capital, a Los Angeles-based Private REIT.  Founded in 2004, the company now owns approximately 10,000 units throughout the country. Bluestone Properties, the seller’s affiliated management company, had managed the property for the seller since its acquisition from AIMCO in 2009.  

The community has been exceptionally well maintained and had a history of high occupancy. The seller had successfully begun implementation of a unit upgrade program with renovated units achieving significantly higher rents.

The buyer is an affiliate of Sterling Group, a well-respected developer, owner and manager based in Mishawaka, Indiana. Founded in 1976, Sterling Group owns and manages apartments and storage facilities in fifteen states in the Midwest and South. The buyer plans to upgrade a significant number of units and to enhance the property’s two clubhouses and amenities.

Tikijian Associates is a market-leading boutique brokerage firm specializing exclusively in multifamily sales throughout Indiana.

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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1 comments:

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