Capstone Companies closed the sale of the Oxford Terrace Apartments in Indianapolis.
Now renamed City Vista Apartments, the 40-unit garden-style community was constructed in 1986 and is located in the Martindale-Brightwood neighborhood of Indianapolis.
Under the guidance of Capstone’s brokerage team—Investment Sale Advisors, Kevin Burns and David Funke—the $1.85 million sale was facilitated between the sellers, Paul Shannon and Powell Chee, and the buyer, Razor Capital Group. The transaction included seller financing of $1.25 million at a 6% interest rate, interest-only, for a term of three years.
Located just 15 minutes from downtown Indianapolis, the property has unparalleled access to major employers, local universities, and the city’s urban core. Nearby, eight local firms are collaborating on a $100M revitalization project, bringing even more value to the Martindale-Brightwood neighborhood. Boasting a blend of renovated units resulting from recent capital improvement projects, the property presented an excellent opportunity for the buyer to capitalize on the remarkable 6.1% organic rent growth in the Indianapolis MSA.
The new owners are poised to continue the previous owner’s successful value-add strategy, focusing on the renovation of the remaining 18 units. This strategy aligns with the property’s high potential and the continued demand for quality housing options in the Indianapolis market.
