1.23.2018
PRESS RELEASE | Tikijian Associates Brokers Sale of 512-Unit Apartment Community on Indianapolis’ North Side
FOR IMMEDIATE RELEASE
Tikijian Associates Brokers Sale of 512-Unit Apartment Community on Indianapolis’ North SideLocation: Indianapolis, IN
Seller: New York Private Equity Group
Buyer: Steadfast Apartment REIT
Tikijian Associates is pleased to announce the sale of Avery Point Apartments, a 512-unit community located in the popular Castleton area on the Indianapolis north side.
Tikijian Associates represented the seller, a New York private equity group whose holdings include multifamily properties in Indiana and several eastern and southeastern states.
The buyer, Steadfast Asset Holdings, Inc., is based in Irvine, California. Avery Point was purchased for inclusion within the Steadfast Real Estate Investment Trust (REIT). The buyer plans interior upgrades to the units including: new flooring, lighting package, fixtures, appliances and counter tops. The acquisition was the buyer’s fifth multifamily investment in the Indianapolis area following Lodge at Trails Edge (2013), Harrison Place (2014), Reveal on Cumberland (2015) and Eagle Lake Landing (2015). Steadfast is an active apartment operator throughout the country with a portfolio under their management / ownership of approximately $4.6 billion with over 38,000 units in 23 states.
The continued strong demand for multifamily assets in the Indianapolis market was demonstrated by the nearly 20 offers received - 25% of which were at or above pricing guidance. Investors are particularly interested in well-located assets where there is an opportunity to increase value through updates or upgrades to interiors, resulting in the ability to raise rents.
Tikijian Associates is a market-leading boutique brokerage firm specializing exclusively in the sale of multifamily properties throughout Indiana. The sale of Avery Point was the firm’s 21st sale of 2017, totaling over 5,700 units and more than $400,000,000.
Click here for a Avery Point Photo
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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