Tikijian Associates recently sold Abbey Court Apartments, a 250-unit garden apartment community located just east of busy commercial corridor Green River Road in Evansville, Ind. Tikijian Associates represented the seller, Indianapolis-based Hearthview Residential.
Because of its unique architecture and huge clubhouse, the property (then known as Stonehedge) was an apartment landmark when built in 1976. Hearthview acquired Stonehedge in 2010 from lender Berkadia Commercial Mortgage following Berkadia’s mortgage foreclosure. Hearthview then completed a multi-million dollar exterior renovation and the upgrade of a number of unit interiors within six months of acquisition and changed the renovated property’s name to Abbey Court. Since its renovation, Abbey Court has maintained a stable, high occupancy rate.
The buyer was Samaritan Properties, based in Plainfield, Ind. Samaritan is the owner of more than 7,000 units and manager of more than 4,100 apartment units in Indiana and Ohio. Samaritan plans additional unit upgrades at the property and will oversee Abbey Court through its internal property management division.