Tikijian Associates recently closed the sale of Parc Bordeaux Apartments, a 208-unit Indianapolis apartment community.
Originally built in 1968, Parc Bordeaux underwent a $3.2 million rehab in 2002 following a tornado.
Tikijian Associates represented the seller, Fowler Property Acquisitions. The buyer was an affiliate of Birge & Held Asset Management LLC, an Indianapolis-based private equity and property management firm.
The buyer plans to continue a program initiated by the seller of upgrading unit kitchens and baths and adding upscale kitchen cabinets, countertops, appliances, plumbing & lighting fixtures and upgraded flooring. The improvements and ongoing operations will be managed by Birge & Held Asset Management LLC.
The property was listed at $8.7 million. The sale price was not disclosed.