Tikijian Associates closed the sale of Cheswick Village Apartments on the east side of Indianapolis. The sale of the 187-unit apartment community closed Jan. 29.
Tikijian Associates represented the seller, The Ardizzone Group, an Indianapolis-based owner and manager of multifamily properties. The Ardizzone Group originally acquired Cheswick Village Apartments in 2008 as part of a five-property portfolio that was purchased from AIMCO.
During the company’s more-than-seven-year ownership of Cheswick, The Ardizzone Group completed property improvements such as new roofs, new windows, updates to the clubhouse and the upgrade of many of the apartment interiors.
The buyer and new owner of Cheswick Village is ROCO Real Estate. Based in Bloomfield Hills, Michigan, ROCO owns and operates a portfolio of multifamily properties throughout the United States. ROCO has acquired more than 78 properties consisting of more than 14,400 units located throughout Michigan, Mississippi, Alabama, Ohio, Georgia, Florida, Tennessee, Texas and Louisiana. The acquisition of Cheswick marked the company’s first acquisition in Indiana.
The Cheswick Village closing marked the first closing of 2016 for Tikijian Associates following an active year in 2015, in which sales for the year totaled more than $264 million and more than 5,400 units.