Tikijian Associates recently represented the seller in the sale of Black Bear Creek Apartments, a 226-unit community in Fort Wayne, Indiana.
The seller was Ohio-based White Oak Partners. Black Bear was originally purchased by White Oak in 2011.
The buyer, now owner of Black Bear Creek, is Renewing Management, an Indianapolis-based owner and manager with a focus on the acquisition, rehabilitation and stabilization of multifamily properties. Renewing Management is planning significant capital improvements at the property, including construction of a new clubhouse/community building, new roofs, new windows and interior unit upgrades and updates.
The new owner will supervise construction and operate the community through its affiliated management company. With the acquisition of Black Bear Creek, Renewing Management now owns and manages 23 multifamily properties and 2,500 units all located in the state of Indiana