Berkadia recently announced that Kansas City-based Abbott Properties acquired Parkway Apartments and Townhomes in West Lafayette, Indiana, for $10.85 million.
Abbott purchased the 446-unit property from New York-based FM Capital with plans to renovate both the interior and exterior and streamline operations.
Parkway Apartments and Townhomes is located at 2601 Soldiers Home Road with close access to Interstate 65 and U.S. Route 52. It is three miles from Purdue University and seven miles from the Tippecanoe Mall.
In the first quarter of 2016, vacancy in the Lafayette metro market was 5.1 percent. During this period, asking rents advanced 6.4 percent year-over-year to $1,263.
The Berkadia team of David Gaines, Alex Blagojevich and Chris Bruzas of the Chicago office completed the sale.
